News ReleasesJune 15, 2005
Lysander, Eastfield Optioning Lorraine-Jayjay to Teck
2005-06-15 16:35 ET - Property Agreement
Also Property Agreement (C-ETF) Eastfield Resources Ltd
The TSX Venture Exchange has accepted for filing an option agreement dated June 13, 2005, between Lysander Minerals Corp., Eastfield Resources Ltd. and Teck Cominco Ltd., whereby Teck may acquire an initial 51-per-cent interest in the Lorraine-Jayjay property, located in the Omineca mining division in British Columbia.
Pursuant to the option agreement, Teck will provide $1.5-million under a convertible note to finance the 2005 exploration program. Following completion of the exploration program and before March 31, 2006, Teck has the option to spend a further $7.5-million by Dec. 31, 2010, at a minimum rate of $1.5-million per year, in order to earn its 51-per-cent interest in the property. If Teck chooses to continue its financing of exploration on the property, it will extinguish the convertible note. Teck may earn a further 5-per-cent interest by arranging or providing financing on behalf of Lysander or Eastfield. If Teck chooses not to continue its financing of exploration, the convertible note becomes repayable to Teck, and if such repayment is made in securities, the transaction will be subject to exchange acceptance.
For further details, please refer to the companies' press release dated June 14, 2005.
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