Berkwood Acquires Peter Lake Copper Property in Quebec

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[{"type":"text","content":"\nBerkwood Acquires Peter Lake Copper Property in Quebec\n\n(via Thenewswire.ca)\n\n \n \n\n\n \nVancouver, B.C., October 2nd, 2012 - Berkwood Resources Ltd. (TSX-V: BKR) (the \"Company\" or \"Berkwood\") announces that it has signed a Property Option Agreement (the \"Agreement\") with Groupe Ressources Geomines Inc. represented by Mr. Michel Belisle (the \"Vendor\") pursuant to which Berkwood has been granted an option to earn a 100%-interest in the Peter Lake Copper Property located near Mont-Laurier, Quebec.\n\n\n \n \n\n\n \nThe Peter Lake Property: \n\n\n \n \n\n\n \nThe Peter Lake Property (the \"Property\") consists of 24 claims totalling 1403 Ha located in the Mont-Laurier Terrane, in the Central Grenville Province, Quebec. The Property lies within a sequence of metasedimentary rocks, felsic intrusives and gabbros. Cu-Ni mineralization in the area closely follows northeast controlling structures. The mineralization lies within late gabbroic dykes and the mineralized structure has been traced for more than 2 km on surface. The property has the potential to host other minerals including Au, Mo and PGE. \n\n\n \n \n\n\n \nBerkwood intends to conduct an exploration program on the Property commencing immediately, with a complete compilation of historic geological work followed by surface work, trenching and possible diamond drilling in the future.\n\n\n \n \n\n\n \nProperty Option Agreement:\n\n\n \n \n\n\n \nPursuant to the terms of the Agreement, Berkwood has the option to acquire a 100% -interest in the Property by making cash payments and issuing Berkwood securities, set forth as follows: \n\n\n \n \n\n\n \n-$5,000 at the signing of the Agreement.\n\n\n \n-$45,000 cash payment, and issue to the Vendor an aggregate of 750,000 common shares of Berkwood within fourteen days after the date of the approval of the TSX Venture Exchange.\n\n\n \n$50,000 cash payment to the Vendor twelve months after the approval by the TSX Venture Exchange.\n\n\n \nAn aggregate net smelter royalty (\"NSR\") of 2% shall be payable to the Vendors on all metals produced from the Property. The Company shall have the right at any time to buy back one percent (1%) of the NSR from the Vendors for an aggregate payment of one million dollars ($1,000,000).\n\n\n \n \n\n\n \nThis news release has been reviewed and approved by Alain Moreau, P. Geo., who supe...

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