WPC Resources Closes Hood River Acquisition and Option for Ulu Gold Property

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[{"type":"text","content":"WPC Resources Closes Hood River Acquisition and Option for Ulu Gold Property(via Thenewswire.ca)\n \n \nVancouver, British Columbia / TNW-ACCESSWIRE / September 25 2014 / WPC Resources Inc. (the \"Company\" or \"WPC\") is pleased to report that the TSX Venture Exchange has accepted for expedited filing documentation of an Agreement dated May 15, 2014 between the Company and the shareholders of Inukshuk Exploration Inc. (\"Inukshuk\") whereby the Company will purchase 100% of the outstanding shares of Inukshuk. Inukshuk holds title over the Hood River Property (the \"Property\") located in Canada's Arctic region, approximately 530 km north-north-east of Yellowknife and 125 km west of Bathurst Inlet, Nunavut.\n\n \n \nThe Company has the right to purchase 100% of Inukshuk for 8,000,000 common shares of the Company, the Company making advance royalty payments totaling $500,000 over a three year period and the Company funding all expenditures needed to maintain the Property. There is a 3% net smelter return royalty payable to Inukshuk shareholders and this royalty may be reduced to 1.5%.\n\n \n \nWPC is also announcing that the TSX Venture Exchange has accepted for expedited filing documentation of a Property Option Agreement dated May 30, 2014 between WPC and Elgin Mining Inc. (\"Elgin\") and Bonito Capital Corp. (\"Bonito\") whereby the Company may acquire up to an 80% interest in the Ulu Property (the \"Property\"), located 530 km north of Yellowknife, NWT within the Kitikmeot Settlement Area of Nunavut. Bonito is the 100% direct owner of the Property and is a 100% owned Subsidiary of Elgin.\n\n \n \nTo earn an initial 70% the Company has agreed to do the following over a four-year period: 1) pay $500,000: 2) issue 20,000,000 shares of the Company, and 3) spend $3,000,000 on exploration and development of the Ulu project. Upon successfully completing these commitments, the Company will have earned 70% of the Ulu concession. Once this is complete, the parties will enter into a formal Joint Venture Agreement. The initial cash payment will be $25,000 and an issuance of 2,000,000 shares with the first-year work commitment being $300,000\n\n \n \nThe Company can earn further 10% of the Property by completing a Feasibility Study within 18 months of earning the 70% interest, and replacing 80% of the environmental security bond (currentl...

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