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X-Terra Resources signs a letter of intent to acquire a 100% interest in the Ducran gold/copper property
X-Terra Resources signs a letter of intent to acquire a 100% interest in the Ducran gold/c...
About this update from Comet Lithium Corp
[{"type":"text","content":"\n\n\n\nX-Terra Resources signs a letter of intent to acquire a 100% interest in the Ducran gold/copper property\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, Sept. 20, 2017\n\n\n\nROUYN-NORANDA, QC, Sept. 20, 2017 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) (FRANKFURT: XTR) is pleased to announce that it has signed a letter of intent with a private prospector to acquire a 100 per cent interest in the Ducran gold/copper property located in the Eeyou Istchee/Baie-James territory, 15 kilometres south of the town of Chapais in the province of Québec. The Ducran Property is comprised of 28 mining claims (the \"Claims\") covering an area of approximately 1,560 hectares (15 km2). \n\n\"X-Terra Resources was presented with the opportunity to acquire the Ducran Property, and after preliminary observations, management decided to capitalize on this unique opportunity\" stated Michael Ferreira, President and Chief Executive Officer of X-Terra Resources.\n\nThe following is a summary of the proposed terms of acquisition, as set out in the Letter of Intent: In order to acquire a 100% undivided ownership interest in the Claims, X-Terra Resources will make a cash payment in the amount of $1,500 and issue 100,000 common shares to the vendor within five (5) business days following the approval of this transaction by the TSX Venture Exchange. \n\nIn addition, upon incurring an aggregate of $275,000 of expenditures on the Claims, X-Terra Resources will be required to issue an additional 100,000 common shares to the vendor within 30 days following the filing by X-Terra with the Ministère de l'énergie et ressources naturelles (Québec) of the last work report that represents, in the aggregate with all the previous work reports, a total amount of $275,000 of expenditures on the Claims. Should X-Terra Resources incur an additional amount of $500,000 of expenditures on the Claims, X-Terra Resources will be required to issue an additional 100,000 common shares to the vendor within 30 days of the filing by X-Terra Res...