Business
Logan Resources signs letter of intent with Ridgemont Capital
Logan Resources signs letter of intent with Ridgemont Capital
About this update from Intrepid Metals Corp.
[{"type":"text","content":"\n\n\n\n Jun. 1, 2010 (Canada NewsWire Group) -- Logan Resources Ltd. (the "Company") (TSXV:LGR) is pleased to announce that it has signed a letter of intent with Ridgemont Capital Corp. ("Ridgemont") whereby Ridgemont can acquire up to 75% of the Company's 100% interest in the Redford Property (the "Project") on Vancouver Island, British Columbia (the "Transaction"). The Redford Property hosts the past producing Brynnor iron mine.\nUnder the terms of the Transaction, Ridgemont can earn an initial 50% interest in the Project by:\n\n\n >\n\n\nRidgemont can earn an additional 25% interest in the Project for a total of 75% by paying all costs and expenses to complete all exploration, study, permitting and other work necessary to facilitate a decision as to whether to proceed to production on the Project and to arrange financing necessary to achieve such production.\nThe Transaction shall serve as Ridgemont's "qualifying transaction", as such is defined under Policy 2.4 of the TSX Venture Exchange (the "Exchange"), and therefore the Transaction is subject to Exchange acceptance.\nCompletion of the Transaction will be subject to certain conditions, including:\n\n\n >\n\n\nLogan Resources Ltd. is a mineral exploration company that specializes in acquiring, exploring and advancing Canadian mineral properties. For more information on the property portfolio and the Company, please visit www.loganresources.ca, www.sedar.com and www.sec.gov websites.\n\n\n >\n\n\nNeither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.\n\n\n%SEDAR: 00007767E\n\n\n\n","length":3683,"tagName":"div"}]