Magma Exercises Beaver Lake Option

Magma Metals Limited (TSX:MMW,ASX:MMW) reported it has purchased the Beaver Lake claim at its platinum-palladium-copper-nickel project.

As quoted in the press release,

The claim was subject to a five-year option agreement which expires on October 6, 2011. Magma has exercised the option and acquired 100% ownership of the claim for a consideration of C$1 million cash and 200,000 shares in the Company issued to the vendors. The area encompassing the entire Current Lake Intrusive Complex is now held 100% by Magma, subject to a 3% net smelter return royalty, one third of which can be acquired at any time for C$1 million.

Click here for the Magma Metals Limited (TSX:MMW,ASX:MMW) press release.