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X-Terra Resources announces Copper/Cobalt Property acquisition in James Bay, Québec
X-Terra Resources announces Copper/Cobalt Property acquisition in James Bay, Québec ...
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[{"type":"text","content":"\n\n\n\nX-Terra Resources announces Copper/Cobalt Property acquisition in James Bay, Québec\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nROUYN-NORANDA, QC, Feb. 9, 2017\n\n\n\nROUYN-NORANDA, QC, Feb. 9, 2017 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) (FRANKFURT: XTR) is pleased to announce it has entered into an agreement to acquire the Cobalt Lake Copper/Cobalt Property located 204 kilometres northeast of the city of Chibougamau in the Eeyou Istchee/James Bay territory in the Province of Québec.\n\nThe Cobalt Lake Copper/Cobalt Property consists of 40 contiguous mining claims covering an area of approximately 2,142 hectares (21.42 km2). Limited exploration work carried out on the property returned copper values of 0.42% and cobalt values of 0.13% from a bottom lake sediment survey. The lake sediment survey indicates a possible source for a copper/cobalt anomaly and would correspond to a high magnetic anomaly located on the property above the regional glacial drift.\n\n\"This acquisition for X-Terra Resources is part of the company's ongoing project to build a portfolio of properties designed to build shareholder value\" commented Michael Ferreira, X-Terra Resources' President and Chief Executive Officer.\n\nIn order to acquire the Cobalt Lake Copper/Cobalt Property, X-Terra entered into a share purchase agreement for all of the issued and outstanding shares of a private corporation whose sole asset is the Cobalt Lake Copper/Cobalt Property. X-Terra will acquire the shares from one vendor for a cash payment of $10,000 and the issuance of 1,100,000 common shares of X-Terra Resources. The share purchase agreement remains subject to the satisfaction of certain conditions, including approval of the TSX Venture Exchange.\n\nIn connection with the acquisition, X-Terra Resources will issue, subject to regulatory approval, including that of the TSX Venture Exchange, 100,000 common shares to Mr. Yves Labrie, who acted as finder for the acquisition.\n\nQualified Person\n\nMr. Jeannot Théb...