Business
Champlain Resources Inc., announces letter of intent for the Gordon Lake Gold Project and proposed private placement financing
Champlain Resources Inc., announces letter of intent for the Gordon Lake Gold Project and propose...
About this update from Copper Lake Resources Ltd.
[{"type":"text","content":"\n\n\n\nSep. 16, 2009 (Canada NewsWire Group) -- CALGARY, Sept. 16 /CNW/ -- Champlain Resources Inc. (\"Champlain\" or the \"Corporation\"), listed on the TSX Venture NEX Exchange under the trading symbol \"CPL.H\", today announced it has executed a Letter of Intent with Boxxer Gold Corp. (\"Boxxer\"; TSX Venture: BXX) in their Gordon Lake Gold Project. Pursuant to the Letter of Intent, Champlain will earn an interest in Boxxer's Gordon Lake Gold Project by way of a three year option agreement with staged payments, share issuances and spending commitments. The proposed transaction is subject to regulatory and other approvals. The principal terms and conditions of the Letter of Intent are summarized below:a) Champlain has the option to earn a 55% interest in the Gordon LakeGold Project over a three year period;b) In year one, Champlain will make a cash payment to Boxxer of $50,000,issue to Boxxer 250,000 common shares of Champlain and commit tospend a minimum of $200,000 of exploration expenditures on theproperty within such year,c) In year two, Champlain will make a cash payment to Boxxer of $25,000,issue to Boxxer 500,000 common shares of Champlain and commit tospend a minimum of $800,000 of exploration expenditures on theproperty within such year;d) In year three, Champlain will make a cash payment to Boxxer of$25,000, issue to Boxxer 500,000 common shares of Champlain andcommit to spend a minimum of $1,000,000 of exploration expenditureson the property within such year.The proposal does not allow for any partial earning of interest.The proposed transaction is subject to the following conditions:a) Champlain shall receive all approvals from necessary regulatoryauthorities,b) Champlain will acquire adequate financing for year one's minimum workcommitment, andc) Champlain will have adequate time to perform due diligence on theGordon Lake Project including title and other searches and completionof a National Instrument 43-101-compliant technical report on theGordon Lake Project.The above conditions are expected to be satisfied by the end of October2009. On satisfaction of the above mentioned conditions, Champlain and Boxxerintend to enter into a definitive agreement. A finder's fee on terms to benegotiated may be payable upon entering into the definitive agreement.Proposed Financing------------------Champlain proposes a private p...