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Amarc acquires new option to purchase 100% of Galore Property surrounding IKE
Amarc acquires new option to purchase 100% of Galore Property surrounding IKE Amar...
About this update from Amarc Resources Ltd.
[{"type":"text","content":"\n\n\n\nAmarc acquires new option to purchase 100% of Galore Property surrounding IKE\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntaj{\nTEXT-ALIGN: JUSTIFY\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nAmarc acquires new option to purchase 100% of Galore Property surrounding IKE\nCanada NewsWire\nVANCOUVER, July 19, 2016\n\n\n\nVANCOUVER, July 19, 2016 /CNW/ - Amarc Resources Ltd. (\"Amarc\" or the \"Company\") (TSX-V: AHR; OTCBB:AXREF) announces that new option agreements have been negotiated with respect to the Galore Property with Galore Resources Inc. (\"Galore\") and Underlying Owners.  Under the new agreements Amarc can acquire a 100% interest in the Galore Property, clear of any royalties, by completing staged cash payments of $550,000 to Galore and $100,000 to the Underlying Owners by January 2018.  The Galore Property consists of extensive mineral claims surrounding the new IKE porphyry copper-molybdenum-silver discovery, which host additional important-scale copper-gold and copper-molybdenum porphyry deposit targets.\n\nOriginal Galore Property Agreements\n\nIn July 2014, Amarc entered into an option and joint venture agreement (the \"Galore Option Agreement\") with Galore whereby the Company acquired the right to earn an initial 51% ownership interest in the Galore Property by incurring $3 million in exploration expenditures within five years and making staged cash payments of $450,000.  Further Amarc may acquire an additional 19% ownership interest (for a total 70% ownership interest) by incurring another $2 million in exploration expenditures.  Upon full exercise of the option, Amarc and Galore agreed to form a 70/30 joint venture of the Galore Property.\n\nThe extensive mineral tenures that comprise the Galore Property are divided into five claim groups which are subject to five underlying option agreements with the Underlying Owners.  Each of these agreements provide for a 1.5% Net Smelter Returns (\"NSR\") Royalty which may be purchased for $250,000 and a 10% Net Profits Interest (\"NPI\") Royalty which may be purchased for $4...