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Canterra Minerals Signs Agreement on the West Carswell Diamond Project With Canalaska and Commences Airborne Magnetic Survey
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 17, 2016) - Canterra Minerals Corporation (TSX VENTURE:CTM) (the "Company" or "Canterra") is pleased to announc
About this update from Canterra Minerals Corporation
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 17, 2016) - Canterra Minerals Corporation (TSX VENTURE:CTM) (the \"Company\" or \"Canterra\") is pleased to announce that it has signed a property agreement with CanAlaska Uranium Ltd. (TSX VENTURE:CVV) (\"CanAlaska\") to acquire up to a 70% interest in the West Carswell property (the \"Property\") located in the western Athabasca Basin, Saskatchewan. The company also announces the commencement of a detailed 1,770 line kilometer (\"km\") airborne magnetic survey over the Property. The West Carswell property comprises approximately 44,000 hectares within the west Athabasca Kimberlite trend and is located 20 km southwest of De Beers' / CanAlaska's Athabasca Diamond Project. The Property encompasses six discrete magnetic anomalies derived from a survey flown in 2011 for the Saskatchewan Geological Survey. These six targets exhibit discrete magnetic lows and are characteristic of magnetic features, thought to be kimberlite pipes, intruding into the thick Athabasca sandstone sequence. Randy Turner, President and CEO of Canterra stated, \"We are excited to be working with CanAlaska. CanAlaska has been innovative in their approach to diamond exploration and identified many new targets within northwestern Saskatchewan; a region we believe has the potential to host a new Canadian kimberlite field.\" Peter Dasler, President and CEO of CanAlaska stated, \"We are very pleased to be working with Canterra, and to be able to use their considerable expertise in diamonds. This is a very interesting group of magnetic targets close to existing infrastructure.\" Pursuant to the agreement, the Company can acquire a 50% interest in the Property by making staged cash payments totaling $100,000 ($30,000 upon closing), the issuance of 2,000,000 million shares upon closing and work commitments of $1,000,000 by the third anniversary of the closing. Upon completion of the 50% earn-in, Canterra and CanAlaska will form a Joint Venture with each party maintaining a 50% ownership. Canterra will have the option to acquire an additional 20% ownership for additional cash payment of $100,000, an additional issuance of 1,000,000 shares and incurring a further $4,000,000 within the third anniversary of completion of the initial 50% earn-in. The transaction is subject to approval of the TSX.V. Bruce Kienlen, P.Geol, Se...