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Definitive Eden Lake Rare-Earth Property Agreement Completed by Rare Element and Medallion
Definitive Eden Lake Rare-Earth Property Agreement Completed by Rare Element and Medallion
About this update from Gamma Resources Ltd.
[{"type":"text","content":"\nDefinitive Eden Lake Rare-Earth Property Agreement Completed by Rare Element and Medallion\n\n\n Feb. 23, 2010 (Baystreet.ca) -- 23 February 2010 - VANCOUVER, BC: Rare Element Resources Ltd (“Rare Element” - TSX-V: RES) and Medallion Resources Ltd (“Medallion” - TSX-V: MDL) announce that they have completed and executed a definitive option agreement whereby Rare Element grants to Medallion an option (“Option”) to acquire a 65% interest in a joint venture to explore the Eden Lake rare-earth-element (REE) property, located in western Manitoba, Canada (“Property”). Medallion has filed the definitive option agreement, along with an NI 43-101-compliant Technical Report on the Eden Lake property, with the TSX Venture Exchange for final approval. Option terms are presented below.\n“We are pleased to confirm our working relationship with Rare Element, President Don Ranta and his team,” said Bill Bird, president of Medallion. “As we evaluate available data and plan our upcoming 2010 program, it’s clear to me that we have one of the best REE projects in North America. The Eden Lake REE geology is a unique combination of an alkalic intrusive complex with essential carbonatite, a large area of multiple styles of REE mineralization and a potential for elevated heavy REE’s. Eden Lake also is one of the very few significant REE properties in Canada within practical range of roads, power and mining-friendly communities. Our team of recognized REE veterans is ready to go to work.” \nDr Ranta adds, “The execution of Rare Element’s agreement with Medallion sets the stage for significant achievement at the Eden Lake REE property. The collation and re-evaluation of data and the completion of the airborne geophysical survey announced earlier this month is a solid beginning. We are excited by Medallion’s rapid progress and Dr Bird’s enthusiasm, which are justified by the quality of the Eden Lake property.”\n\n\nOption Terms\nFor Medallion to maintain its Option to acquire a 65% joint-venture interest in the Property, Medallion must complete, over a five-year period, the following cash and share payments to Rare Element and complete the following Property-exploration expenditures:\n\n Five-Year Option to earn 65% intere...