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WPC Resources Signs Ulu Property Option Agreement
Vancouver, British Columbia--(Newsfile Corp. - January 11, 2018) - WPC Resources Inc. (TSXV: W...
About this update from Blue Star Gold Corp.
[{"type":"text","content":"WPC Resources Signs Ulu Property Option AgreementVancouver, British Columbia--(Newsfile Corp. - January 11, 2018) - WPC Resources Inc. (TSXV: WPQ) (the \"Company\" or \"WPC\") is pleased to report it has entered into an option agreement (\"Ulu Option Agreement\") with Mandalay Resources Corporation (\"Mandalay\") under which the Company may acquire a 100% interest in the Ulu Gold Property (\"Ulu\") located in Nunavut Territory, Canada. The Ulu Option Agreement supersedes the previous 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 releases dated November 1, 2016 and March 3, 2017).Under the terms of the Ulu Option Agreement, WPC can acquire a 100% interest in the Ulu Gold Property by satisfying the following conditions:Paying Mandalay CA $200,000 within five business days of the receipt of regulatory approval of the Ulu Option Agreement;Paying Mandalay CA $200,000 on or before May 31, 2018;Issuing to Mandalay 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 Ulu in a manner reasonably satisfactory to Mandalay, the KIA and the NWB.The Ulu Option Agreement will be subject to review and approval of the TSX Venture Exchange.The Company may exercise its option on the later of May 31, 2018 or the date on which WPC and Mandalay have satisfied all the conditions of completion contained in the Ulu Option Agreement. In order to satisfy all the conditions to complete the transaction, Mandalay will complete permanent reclamation of historic surface mining and infrastructure disturbances that are beyond the needs of the exploration-stage project.About the Ulu Gold PropertyUlu is located 530 kilometres (\"km\") north-northeast of Yellowknife and 125 km west of Bathurst Inlet. The Ulu lease covers roughly 947 hectare (\"ha\") located contiguous to the Hood River Property in the High Lake greenstone belt. A 5% net proceeds of production royalty is payable to Royal Gold on gold production from Ulu in exc...