On December 1, 2016, Alexandria Minerals Corporation (TSXV: AZX) (FRANKFURT: A9D) (OTC PINK: ALXDF) announced that it had entered into a binding Option and Joint Venture Agreement with Probe Metals Inc. for mineral claims comprising the eastern portion of its 35 kilometer-long Cadillac Break Property Package in Val d’Or, Quebec.
Pursuant to the agreement, Probe can earn up to 70% interest of the eastern 1/3 of Alexandria’s Cadillac Break Property Group by expending up to $7 million on exploration, and completing a pre-feasibility study, over a period of 6 years. This transaction will allow Alexandria to maintain its exploration focus on the western part of its property package. Probe will be the operator throughout the Option and Joint Venture.
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 of Miller Thomson advised Alexandria Minerals on the negotiation of this agreement.