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Cons. Spire Ventures Announces an Option Agreement with Altair Ventures Incorporated on the Prospect Valley Gold Property
Cons. Spire Ventures Announces an Option Agreement with Altair Ventures Incorporated on the Prosp...
About this update from Altair Resources, Inc.
[{"type":"text","content":"\nCons. Spire Ventures Announces an Option Agreement with Altair Ventures Incorporated on the Prospect Valley Gold Property\n\n\n Jul. 21, 2009 (TheNewswire.ca) -- Consolidated Spire Ventures Ltd. (\"the Company\" or \"Spire\") is pleased to announce that the Company has entered into an Option Agreement (\"the Agreement\") dated July 20, 2009 with Altair Ventures Incorporated (TSXV:AVX) (\"Altair\")(TSX-V: AVX) of Vancouver, British Columbia. The Agreement with Altair has a two-phase option to earn an initial 70% interest in the PV Property by spending a total of $6 million in exploration and issue 7 million shares over 4 years to Spire. Altair can then earn an additional 20% interest upon: (a) delivering a Bankable Feasibility Study with respect to the Property; and (b) making such additional cash and share payments in such amounts as may be negotiated and settled by the parties in writing at a later date, for a total 90% interest in the Prospect Valley Gold Property, located within the Spences Bridge Gold Belt in southern British Columbia.Terms of the option call for Altair to spend a total of $6 million in exploration ($750,000 in Year 1), and issue 7 million shares to Spire (1 million in Year 1) over 4 years to earn a 70% interest. In addition, on the anniversary date of the signing of the Option Agreement, Altair will pay Spire $150,000. Upon earning the first 70% interest in the PV Property, Altair can then earn an additional 20% interest upon delivering a bankable feasibility study and making such additional cash and share payments in such amounts as may be negotiated and settled by the parties in writing at a later date.This transaction is subject to regulatory approval.About Consolidated Spire Ventures Ltd. At present the Company is actively exploring the Prospect Valley Gold Property near Merritt, British Columbia, Canada.The Prospect Valley Gold Property hosts a low sulphidation epithermal gold system with quartz vein stockwork type mineralization, located near Merritt, BC, Canada. To date, over 13 target areas have been identified in the claim block. The majority of the targets are located in the centre of the claim block along a prominent north-northeast trending linear zone that includes the Bonanza Zone, the Discovery South Zone, the Discovery North Zone, the NW Dome and NE Extension Zone.. . . 2Consolidated Spire...