Abitex options Jolin property to Pershimco

About this update from Vision Lithium, Inc.

[{"type":"text","content":"\n\n\n\n\n\nVAL-D'OR, QC, Aug. 4, 2011 /CNW Telbec/ - Abitex Resources Inc. (TSXV: ABE) (the \"Company\"; \"Abitex\") announces the signing of an agreement with Pershimco Resources Inc.\n (TSXV: PRO) (\"Pershimco\") whereby Pershimco can acquire a 100% interest\n in the Jolin gold property, located approximately 50 km northeast of\n Val D'Or, Quebec, adjacent to Pershimco's East Courville gold property.\n The agreement is subject to regulatory approval.\n\n\nIn order to acquire a 100% interest in the Jolin property, Pershimco has\n agreed to:\n\n\nPay Abitex $750,000 upon signing and following regulatory approval;\n\nIssue to Abitex 2 million common shares of Pershimco over a two year\n period as follows:\n500,000 shares at signing and following regulatory approval;\n500,000 shares no later than six months from signing;\n400,000 shares no later than twelve months from signing;\n300,000 shares no later than eighteen months from signing;\n300,000 shares no later than twenty four months from signing;\n\nPay Abitex a $10/oz royalty on any future gold production from the Jolin\n property.\n\n\nPershimco will have the option to acquire the royalty at anytime between\n the filing of a feasibility study and the start of commercial\n production for $5 per ounce of reserves (proven and probable) and\n measured resources and for $2.50 per ounce of indicated resources.\n\n\nThe Company's public documents may be accessed at www.sedar.com\nFor further information on the Company, visit our website at www.abitex.ca\n\n\nNeither TSX Venture Exchange nor its Regulation Services Provider (as\n that term is defined in the policies of the TSX Venture Exchange)\n accepts responsibility for the adequacy or accuracy of this release.\n\n\n","length":2027,"tagName":"div"}]

More updates from Vision Lithium, Inc.