Huldra Silver Inc. (TSX VENTURE:HDA) has announced that it has entered into a definitive Purchase and Sale Agreement dated February 17, 2011 to acquire four district lots consisting of 70.7 hectares of land located at Treasure Mountain for $350,000 from The Gak Holdings Inc.
Huldra currently holds the under surface mineral rights to these properties as part of its 7,000 acre Treasure Mountain Mine property. These surface rights give Huldra unencumbered access to areas of the property that have had limited exploration in recent years as well as an excellent location for mine and camp infrastructure.
Pursuant to the terms of the Agreement, the $350,000 purchase price is payable by a cash payment of $180,000 ($20,000 of which was paid as an initial deposit following the execution by both parties of a Letter of Intent dated January 20, 2011), and the issuance of such number of common shares in the capital stock of Huldra ("Share") as is equal to $150,000 divided by the volume weighted average price of the Shares on the TSX Venture Exchange (the "Exchange") in the fifteen (15) trading days preceding the closing of the Transaction. The closing of the Transaction is subject to the approval of the Exchange.
EXPLORATION AND DEVELOPMENT UPDATE
Huldra is currently working on its Small Mines Permit for submission to the Chief Inspector of Mines, which it expects to complete in March, 2011. Full details of the application will be available once the application has been submitted. The Company will then issue a press release with detailed exploration plans for the remainder of the year.
Source: Huldra Silver Inc.