Beaufield Resources Inc. (TSX VENTURE:BFD) has announced that Actus Minerals Corp. (TSX VENTURE:AAC) has received Exchange acceptance to its option agreement with Beaufield.
Under the finalized terms of the agreement, for Actus to acquire a 50% interest of the Casa Berardi project, it must issue an aggregate of 1,250,000 of its common shares to Beaufield and expend $650,000 of exploration work over a three year period. The Company has issued 300,000 common shares to Beaufield pursuant to the terms of the agreement.
The claims are subject to a two percent (2.0%) NSR ("Net Smelter Return") upon production, payable to Beaufield. Half of said NSR can be bought back by Actus for a payment of $1,000,000 at any time.
The property, known as Casa Berardi, consisting of two claim blocks of 141 claims covering an area of 7,918 hectares is located in the township of the same name, in the province of Quebec. The property adjoins the northern boundary of the Aurizon Mines Ltd property at Casa Berardi. Existing data in the area will be studied and an appropriate exploration program in gold will be planned.
Source: Beaufield Resources Inc.