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Eagle Plains/Excelsior Execute Option Agreement on Wildhorse Gold/Copper Property, South-eastern British Columbia
Eagle Plains/Excelsior Execute Option Agreement on Wildhorse Gold/Copper Property, South-eastern ...
About this update from Gunnison Copper Corp.
[{"type":"text","content":"\nEagle Plains/Excelsior Execute Option Agreement on Wildhorse Gold/Copper Property, South-eastern British Columbia\n\n\n Mar. 11, 2010 (Filing Services Canada) -- Eagle Plains Resources Ltd. (EPL - TSX Venture, EGPLF - OTCBB_Pink_Sheets), and Excelsior Mining Corp. (TSX-V:MIN.P) have entered into an option agreement on Eagle Plains' 100% owned Wildhorse project located 40km north of Cranbrook, B.C. Under the terms of the Agreement, Excelsior may earn a 70% interest in the property by completing $3,000,000 in exploration expenditures, making $250,000 in cash payments and issuing 1,000,000 shares to EPL over 4 years. Upon Excelsior exercising its option, a 60/40 joint venture between Excelsior and Eagle Plains will be formed. The Option Agreement Under the terms of the Option Agreement, Excelsior has an option (the \"Option\") to earn a 60% interest in the Property which may be exercised by: * Making cash payments to Eagle Plains totaling $250,000 over four years; * Issuing a total of 1,000,000 Excelsior common shares to Eagle Plains  over a period of four years; and * Incurring exploration expenditures totaling $3,000,000 over four years.Excelsior has an option to earn an additional 10% interest (the \"Additional Option\"), thereby increasing its total interest in the Property to 70%, which may be exercised by: * Exercising the Option; * Issuing a total of 300,000 Excelsior common shares to Eagle Plains; and * Incurring exploration expenditures totaling $1,000,000. Excelsior has been appointed as the operator of the Property and has the exclusive and sole responsibility of administering and carrying out the exploration programs on the Property. The Option Agreement includes standard representations and warranties, termination provisions and a three kilometre area of interest. Additionally, the parties have agreed that upon Excelsior exercising the Option to earn a 60% interest, a joint venture will be deemed to have automatically formed and the parties will negotiate in good faith to enter into a formal joint venture agreement. The property consists of 355 ha located along the Wildhorse River in southeastern British Columbia, the site of BC's third-largest gold rush in the latter part of the 1800's. Placer gravels yielded more than 1,000,000 ounces of gold, with active placer operations in place today along the river. ...