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WPC Resources Inc. Signs Option Agreements to Acquire 215 Mineral Claims in Nevada
Jan. 27, 2011 (TheNewswire.ca) -- Vancouver, B.C., January 27, 2011 - WPC Resources Inc. (TS...
About this update from Blue Star Gold Corp.
[{"type":"text","content":"\nWPC Resources Inc. Signs Option Agreements to Acquire 215 Mineral Claims in Nevada\n\n\n Jan. 27, 2011 (TheNewswire.ca) -- Vancouver, B.C., January 27, 2011 - WPC Resources Inc. (TSXV:WPQ) (\"WPC\" or the \"Company\") is pleased to announce that it has entered into two separate option agreements with Genesis Gold Corp., a Utah corporation, to acquire a 100% interest in a total of 215 mineral claims located in Lander County, Nevada. The option agreements are subject to TSX Venture Exchange approval.Toiyabe Pediment PropertyPursuant to the terms of the first option agreement, the Company has the exclusive option to acquire a 100% interest in 119 claims located in Lander County, Nevada, subject to a 3% net smelter return royalty (\"NSR\"), by making an aggregate cash payment of US$80,000, issuing a total of 800,000 common shares over a two year period, and undertaking to spend US$1.5 million in exploration expenditures on or before the fourth anniversary of the date of the option agreement. At any time, after exercising the option, the Company may purchase one-half of the NSR for a cash consideration of $1.5 million.ZPG PropertyPursuant to the terms of the second option agreement, the Company has the exclusive option to acquire a 100% interest in 96 claims located in Lander County, Nevada, subject to a 3% net smelter return royalty (\"NSR\"), by making an aggregate cash payment of US$160,000, issuing a total of 1,600,000 common shares over a two year period, and undertaking to spend US$1.5 million in exploration expenditures on or before the fourth anniversary of the date of the option agreement. At any time, after exercising the option, the Company may purchase one-half of the NSR for a cash consideration of $1.5 million.WPC's President, Allan Fabbro, states: \"We are extremely pleased to have aligned ourselves with the exploration team of Genesis Gold and Industrial Imaging Company. Between the three principals - geologists John Zimmerman and Don Merrick, and geophysicist Bill Petrick - there is 100 plus years of exploration experience in the Great Basin and they have accounted for several discoveries. They share our vision that the next major discoveries in the Cortez Trend of Nevada will be made undercover in the pediment. Their state of the art geophysical techniques combined with their extensive geological knowledge of the ...