Business
Abitex completes sale of Lac Barry property to Bonterra
VAL-D'OR, QC, March 21, 2012 /CNW Telbec/ - Abitex Resources Inc. (TSXV: ABE) ( the " Co...
About this update from Vision Lithium, Inc.
[{"type":"text","content":"\n\n\n\n\n\nVAL-D'OR, QC, March 21, 2012 /CNW Telbec/ - Abitex Resources Inc. (TSXV: ABE) (the \"Company \" \"Abitex \") is pleased to announce it has entered into an agreement with\n Bonterra Resources Inc. (\"Bonterra \") whereby Bonterra can immediately acquire a 100% interest in the Lac\n Barry (aka \"Eastern Extension\") property located in Bailly and Barry\n Townships, Quebec (the \"Property \") in consideration for the issuance of 1,250,000 shares.  The\n agreement amends the option agreement dated September 15, 2010, as\n amended, (the \"Option Agreement \") between the Company and Bonterra, and the closing is subject to\n regulatory approval, including that of the TSX Venture Exchange. Shares\n issued pursuant to the agreement will be subject to a restricted hold\n period expiring four months and a day after the date of issuance in\n accordance with applicable securities laws.\n\n\nUnder the Option Agreement, and prior to the amendments, Bonterra was\n granted the option to earn up to a 100% interest in and to the\n Property, subject to a third party NSR, in consideration for cash\n payments to Abitex totaling $110,000, issuing to Abitex a total of\n 1,350,000 shares, and incurring a total of $750,000 in exploration\n expenditures on the Property over four years.  To date, Bonterra has\n paid $10,000, issued 500,000 shares and incurred in excess of $750,000\n in exploration expenditures with respect to the Property.\n\n\nYves Rougerie, President & CEO, comments: \"The acceleration of the sale\n of this property to Bonterra is good for both parties. Bonterra is now\n in a position to fully promote a valuable wholly-owned asset while\n Abitex will hold 1.75M shares of  Bonterra and can gain from continued\n exploration and development success on the property. Bonterra has been\n an excellent partner and is definitely an asset for the development of\n the Urban-Barry mining camp. We wish them continued success.\"\n\n\nAbout Abitex\nAbitex Resources is an exploration and development company based in Val\n d'Or, Quebec, which is focused on advancing two uranium properties in\n the Otish Mountains region of north-central Quebec. The Company\n announced the results of a positive Preliminary Economic Evaluation\n (\"PEA\") for the Lavoie uranium-gold project on January 20, 2012,\n projecting an NPV of $88M an...