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Champlain Resources Inc. Concludes Agreement for 100% Interest of Laird Lake Property, Red Lake Ontario
Champlain Resources Inc. Concludes Agreement for 100% Interest of Laird Lake Property, Red Lake O...
About this update from Copper Lake Resources Ltd.
[{"type":"text","content":"\nChamplain Resources Inc. Concludes Agreement for 100% Interest of Laird Lake Property, Red Lake Ontario\n\n\n Dec. 1, 2010 (Filing Services Canada) -- Champlain Resources Inc. (CPL - TSX Venture), (\"Champlain\" or the \"Corporation\") is pleased to announce that it has signed a definitive earn-in agreement (the \"Laird Lake Earn-In Agreement\") with a private group of vendors under which Champlain may earn a 100% interest in 23 mineral claims known as the Medicine Stone and Laird Lake mineral claims (the \"Laird Lake Property\"), located in the Madsen area of Red Lake, Ontario.  The Laird Lake Earn-In Agreement is subject to the acceptance of the TSX Venture Exchange (the \"Exchange\").Terms of the Laird Lake Earn-InUnder the terms of the Laird Lake Earn-In Agreement, Champlain shall earn an 100% interest in the Laird Lake Property by paying the vendors an aggregate of $24,000 on or before April 1, 2011, spending $400,000 on work programs on the Laird Lake Property on or before December 31, 2011 and issuing an aggregate of 2,060,000 common shares to the vendors over the next13 months.  Net Smelter RoyaltyThe Laird Lake Property shall be subject to a net smelter royalty (\"NSR\") of 3%, payable to the vendors, of which 2% can be purchased by Champlain at $1,000,000 for each 1%.  Commencing on March 4, 2013 and annually thereafter, an aggregate royalty advance payment in the amount of $6,000 will be made to the vendors and such payments will be deductible from future NSRs, if any.Work ProgramsChamplain shall be the operator for the projects conducted on the Laird Lake Property.  As of today, Champlain has expended approximately $60,000 on work programs for the Laird Lake Property.  In accordance with the terms of the Earn-In Agreement, Champlain must expend an additional $5,000 on or before December 31, 2010, an additional $35,000 on or before February 28, 2011 and an additional $300,000 (the \"2011 Expenditure\") on or before December 31, 2011.  Subject to Exchange approval at that time, Champlain may issue common shares (\"Exploration Shares\") in lieu of the 2011 Expenditures, or any portion thereof, and when so issued, such Exploration Shares shall satisfy the 2011 Expenditure.   The number of Exploration Shares issuable shall be determined by dividing th...