Alchemist enters option to buy claims in Quebec
2017-02-27 09:32 ET - News Release
Mr. Keith Anderson reports
ALCHEMIST MINING SIGNS LOI TO PURCHASE GROUND STRATEGICALLY LOCATED ADJACENT TO OSISKO MINING, WINDFALL LAKE AREA, QUEBEC
Alchemist Mining Inc. has entered into a binding letter of intent with arm's-length vendors whereby Alchemist has the exclusive right to acquire a 100-per-cent interest in and to claims, consisting of 2,210.91 hectares, located adjacent to Osisko Mining's Windfall Lake gold property in the Urban Barry belt, Quebec.
The area has generated a lot of recent headlines. Beaufield Resources reported in a news release dated Feb. 8, 2017, that Osisko's Windfall property has a 400,000-metre drilling program under way. In the month of February, collectively, Beaufield, Osisko, Bonterra Resources and Metanor Resources announced an aggregate of almost $79-million in proposed financings, almost $66-million of which were bought deals.
President of Alchemist, Keith Anderson, stated: "The Windfall Lake gold camp will be receiving a large amount of exploration work, especially with Osisko's 400,000-metre drill program. Alchemist is very excited to have secured ground in the area due to the favourable geology and the possibility of the regional gold discoveries being pervasive throughout the region."
In order to earn a 100-per-cent interest in the property, the company must pay $2,500 and issue an aggregate of 800,000 common shares upon the closing of a definitive agreement. The common shares will be subject to a four-month-and-one-day hold period.
We seek Safe Harbor.