Canterra Acquires Ontario Gold Properties
07 Décembre 2010 - 7:43PM
Marketwired
Canterra Minerals Corporation (TSX VENTURE: CTM) (the "Company") is
pleased to announce that it has entered into three (3) separate
option agreements to acquire a 100% interest in a total of 74
unpatented mineral claims located in the Kenora and Patricia Mining
Divisions of Ontario.
Drake & Essex Properties
Pursuant to the terms of the first option agreement, the Company
can acquire a 100% interest in 43 claims located in the Patricia
Mining Division, subject to a 2% percent net smelter return royalty
("NSR"), by making aggregate cash payments of $195,000 and issuing
a total of 400,000 common shares over a three year period. At any
time, after exercising the option, the Company may purchase
one-half of the NSR for a cash consideration of $1 million.
Hornet Property
Pursuant to the terms of the second option agreement, the
Company can acquire a 100% interest in 26 claims located in the
Kenora Mining Division, subject to a 2% percent net smelter return
royalty ("NSR"), by making aggregate cash payments of $121,000 and
issuing a total of 200,000 common shares over a four year period.
At any time, after exercising the option, the Company may purchase
one-half of the NSR for a cash consideration of $1 million.
Boxer Property
Pursuant to the terms of the third option agreement, the Company
can acquire a 100% interest in 5 claims located in the Kenora
Mining Division, subject to a 1.5% percent net smelter return
royalty ("NSR"), by making aggregate cash payments of $96,000 and
issuing a total of 200,000 common shares over a four year period.
At any time, after exercising the option, the Company may purchase
one-half of the NSR for a cash consideration of $750,000.
These option agreements are subject to regulatory acceptance.
All securities issued pursuant to these agreements are subject to a
four month hold period trading restriction.
CANTERRA MINERALS CORPORATION
David B. Clarke, President
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Canterra Minerals Corporation David Clarke President
604-687-6644 604-687-1448 (FAX) info@canterraminerals.com
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