On March 1, 2016, Alexandria Minerals Corporation (TSXV: AZX) (OTC PINK: ALXDF) (FRANKFURT: A9D) announced that it had signed an Option Agreement with Prosper Gold Corporation giving Prosper the right to earn up to 90% interest in Alexandria’s Wydee and Matachewan properties, in Matachewan, Ontario.
The Option/JV agreement specifies that, in order to earn a 75% interest in both properties, Prosper will issue 750,000 shares to Alexandria, and expend $5 million on exploration over 5 years on the two properties. To earn a further 15%, Prosper must prepare a resource estimate compliant with National Instrument 43-101 totaling a minimum of 1.5 million ounces of gold.
Alexandria Minerals Corporation is a Toronto-based junior gold exploration and development company with important gold resources on one of the largest properties along the prolific, gold-producing Cadillac Break in Val d’Or, Quebec, and additional gold-copper resources in Manitoba and northern Ontario.
Kevin Sorochan of Miller Thomson advised Alexandria in the negotiation of this agreement.