Listing (TSXV = LO Frankfurt = LE2A)
ROUYN-NORANDA,
QC, May 7, 2013 /CNW Telbec/ -
LOUNOR EXPLORATION INC. is announcing the closing of
the transaction announced on March 22,
2013, following the approval of the TSX Venture Exchange on
November 9, 2012. The transaction
consists of the acquisition of 105 mining claims composing the
Matagami Gold property. The Matagami Gold property is located in
the Matagami mining camp,
Quebec. The Matagami mining camp has a long history of
producing base and precious metals with at least 15 mines to date
(former and current producers). Lounor has the option to acquire a
100% interest in 105 mining claims located in the Isle-Dieu
Township, Province of Quebec,
covering a total area of 1,632 hectares.
Option Agreement
The consideration payable by the Corporation consists of the
issuance of 15,000,000 common shares over a two years period
(7,500,000 in the first year), a payment of $40,000 over a four year period ($20,000 in the first year) and a commitment to
execute $4,250,000 in exploration
work over a period of six years. When Lounor will have filled these
commitments, the Corporation will pay to the vendors a lump sum of
$125,000 on a monthly basis over a
period of 24 months, for a total amount of $3,000,000.
The vendors have retained a 0.5 % NSR in the
property and there is also an existing 2 % NSR in favor of a former
owner.
Cancellation of Debt Settlement
Lounor also announces that the debt settlement that was announced
in the Press Release dated April 26,
2013 for an amount of $10,000
has been cancelled.
About Lounor Exploration
Lounor Exploration Inc. is a Canadian-based
natural resources company with mineral holdings in Ontario and Quebec and is currently focused on exploration
in the Abitibi Greenstone Belt. The belt is found in both provinces
of Ontario and Quebec with approximately 33% in Ontario and 67% in Quebec. The Belt has produced in excess of
180,000,000 ounces of gold, 450,000,000 tonnes of base metal ore
over the last 100 years. The Company is headquartered in
Quebec.
LOUNOR EXPLORATION INC. is a publicly
traded company on the TSX-Venture (TSXV-LO) and on the Frankfurt
Exchange (LE2A).
This press release was prepared by Lounor
Exploration Inc. Neither 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.
This document may contain forward-looking
statements relating to Lounor's operations or to the environment in
which it operates. Such statements are based on operations,
estimates, forecasts and projections. They are not guarantees of
future performance and involve risks and uncertainties that are
difficult to predict and may be beyond Lounor's control. A number
of important factors could cause actual outcomes and results to
differ materially from those expressed in forward-looking
statements, including those set forth in other public filling. In
addition, such statements relate to the date on which they are
made. Consequently, undue reliance should not be placed on such
forward-looking statements. Lounor disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
save and except as may be required by applicable securities
laws.
SOURCE LOUNOR EXPLORATION INC.