On April 25, 2017, Alexandria Minerals Corporation (TSXV: AZX; OTCQB: ALXDF; Frankfurt: A9D) (“Alexandria Minerals” or “the Company”) announced that it had signed an option agreement with Golden Valley Mines, enabling the Company to earn 80% in the Centremaque Property, a strategic addition to the Company’s wholly-owned western Cadillac Break Property Package in Val d’Or, Quebec.
Alexandria Minerals may earn 80% in the property by issuing treasury shares of the Company to Golden Valley over a 4 year period from the date of signing with a total value of $250,000, and by conducting exploration activities totalling $4 million over the same 4 year period. Upon the 80% earn-in, the two companies will form a joint venture to further explore, and if warranted, develop the property. Once the 80% interest is vested for the Company, Golden Valley will have a 20% free-carried interest. In addition, Golden Valley retains a 1.5% Net Smelter Return, of which 0.5%, or a third, may be purchased by the Company for $1,000,000.
Alexandria Minerals is a Toronto-based junior gold exploration and development company with strategic properties located in the world-class mining districts of Val d’Or, Quebec, Red Lake, Ontario and Snow Lake-Flin Flon, Manitoba.
Kevin Sorochan and Greg Smith of Miller Thomson advised Alexandria Minerals with respect to the negotiation of this agreement.