Business
WPC Resources Announces New Ulu Property Agreement with Mandalay Resources
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 21, 2017) - WPC Resources Inc. (the "Company" or "WPC") (TSX VENTURE:WPQ) is pleased to report it has entered i
About this update from Blue Star Gold Corp.
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 21, 2017) - WPC Resources Inc. (the \"Company\" or \"WPC\") (TSX VENTURE:WPQ) is pleased to report it has entered into a letter agreement with Mandalay Resources Corporation (\"Mandalay\") under which the Company may option and acquire a 100% interest in the Ulu Gold Property (\"Ulu\") located in Nunavut Territory, Canada. The new option agreement will supersede the Ulu Option Agreement dated May 30, 2014 (WPC news release dated June 2, 2014) and the Lupin Mines Inc. Purchase Agreement dated October 31, 2016 with respect to Ulu (WPC news release dated November 1, 2016 and March 3, 2017). The letter agreement calls for Mandalay and the Company to enter into a New Ulu Option Agreement that will provide that WPC can purchase a 100% interest in the Ulu Gold Property (after Mandalay has completed permanent reclamation of historic surface mining and infrastructure disturbances that are beyond the needs of the exploration-stage project) by satisfying the following conditions: Paying Mandalay CA $200,000 upon the signing of the New Ulu Option Agreement; Paying Mandalay CA $200,000 on or before May 31, 2018; Issuing to Mandalay an additional 15 million common shares; Posting all future security required by the Kitikmeot Inuit Association (\"KIA\") and the Nunavut Water Board (\"NWB\") relating to future exploration-stage activities on Mining Lease #3563 and related water license in order to transfer the Mining Lease; and Assuming all future reclamation and site monitoring expenses and liabilities associated with the Ul in a manner reasonably satisfactory to Mandalay, the KIA and the NWB. The New Ulu Option Agreement will be subject to review and approval of the TSX Venture Exchange. Mandalay believes it can accomplish the necessary reclamation to permanently reduce the historic disturbances on the site to only those needed to support future exploration for the amount of the current CA $1.6 million security and is preparing to apply for permits to accomplish this permanent reclamation. The Company and Mandalay continue to explore options for WPC to acquire Lupin Mines Inc. following the recent increase in security requirements of approximately $9 million under the existing Lupin water license as requested by the NWB and approved by Indigenous and Northern Affairs Canada. About the Ulu Gold ...