Champion Bear Options Up to 50% of its Interest in its Eagle Rock Property to Canadian Platinum Corp.

Champion Bear Resources Ltd. (TSXV:CBA) reports it has entered into a property option agreement with Canadian Platinum Corp.

The press release is quoted as saying,

Canadian Platinum has the right to earn up to a 50% interest in the Company’s 100% owned Eagle Rock copper-nickel-platinum-palladium-gold property located in northwestern Ontario. Under the terms of the agreement, to earn up to a 50% interest in the Property, Canadian Platinum must complete option payments totaling $500,000, the purchase of 2,000,000 Champion Bear shares, and incur exploration expenditures of $4,000,000 over approximately 2 years. Canadian Platinum has advanced to the Company an initial $250,000 option payment and has agreed to subscribe for 1,000,000 Champion Bear shares at a price of $0.25 per share pursuant to a private placement to Canadian Platinum which is subject to receipt of all applicable regulatory approvals. Champion Bear intends to use the proceeds of this private placement for its ongoing exploration programs on the Property and for general corporate purposes.

For the complete press release, click here.