Canterra Minerals Corporation Acquires Ontario Gold Properties
07.12.2010 | Marketwire
Vancouver, British Columbia -- (Marketwire) -- 12/07/10 -- 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
www.canterraminerals.com