HLM and North American Palladium Sign Letter of Intent

Houston Lake Mining Inc. (TSXV:HLM,OTC:HLKMF) announced North American Palladium Ltd. (TSX:PDL,NYSE:PAL) will purchase the Tib Lake property.

As quoted in the press release:

The LOI provides that North American Palladium may acquire a 100% interest in the 2,464 hecatre Tib Lake PGE  property from HLM after making staged payments totalling C$450,000 to HLM and incurring exploration expenditures of C$1.6 million, in aggregate, over five years. HLM would retain the exclusivity to exercise its buy back option to purchase 1% of a 2.5% Net Smelter Royalty for C$1,000,000, and to purchase the remaining Royalty (1.5%) on such terms and conditions as it is able to negotiate with the holder of the royalty.

Click here to read the Houston Lake Mining Inc. (TSXV:HLM) press release.