Puma Exploration options NB Prospectors Property for $110,000 over 4 years and 400,000 Shares
A local Bathurst prospector has made his second major find in the last decade and options his property to Puma Exploration for $110,000 over 4 years and 400,000 shares. Puma exploration has optioned the Red Brook Project. The option agreement is as follows according to Puma Explorations website.
The option agreement covers the Red Brook Project (Claim Block 7221) located in Northern New-Brunswick. All the claims are in good standing until August 2016. Puma is obligated to keep the claims in good standing.
Puma will acquire a 100% interest in the Red Brook claims by:
- $10,000 at the signing of the agreement and issue 50,000 shares,
- $15,000 cash payment and issue 100,000 shares on or before the 1st anniversary,
- $20,000 cash payment and issue 100,000 shares on or before the 2nd anniversary,
- $25,000 cash payment and issue 150,000 shares on or before the 3rd anniversary,
- $55,000 cash payment on or before the 4rd anniversary,
And by performing the following the work commitment:
- $50,000 on or before the 1st anniversary,
- $150,000 on or before the 2nd anniversary,
- $200,000 on or before the 3rd anniversary,
A net smelter return (NSR) of 3% for all other minerals. Puma keeps the right to purchase 2% NSRs for $2,000,000 and the vendor keep 1%.
This announcement comes just days after Potash Corp announced the closure of it's Picadilly mine site, which caused a total loss of 430 jobs across southern New Brunswick. NB Prospecting would like to extend a warm welcome to puma exploration and its interest in our province. Secondly, NB prospecting would like to thank the Department of Energy and mines for offering their prospecting grants as they have significantly impacted the ability for prospectors young and old to make finds like this.
The prospector, who we wont mention his name in this post was also the finder of a high grade gold deposit in northern New Brunswick. For this we salute you and wish you the best in future endevors.
NB PROSPECTING
