Nov 27 2013
Fairmont Resources Inc. is pleased to announce that it has signed a definitive option agreement with ElanOre Resources Inc. to option a 40% Interest in the Lac Elan Property (the "Property").
Lac Elan Ilmenite-Magnetite Property Option Agreement
To acquire 40% of the Property, Fairmont will issue 1,000,000 shares within 5 days of the TSX Venture Exchange's ("TSXV") final approval. Fairmont must also spend $100,000 in exploration or development expenditures on the property within 24 months of the effective date of the option agreement, with a minimum $25,000 being incurred before the first anniversary of the effective date of the option agreement, and the balance before the second anniversary of the effective date of the option agreement. The 388.5 sq km Lac Elan property, located near Saguenay, Quebec, was staked between 2009 and 2011. Surface sampling, trenching and prospecting have produced consistent iron and titanium analysis over a considerable strike length with values up to 56.88% Fe2O3, 16.93% TiO2, and 0.42% V2O5 over 18.5 meters in trench sampling.
Commenting on the Lac Elan Property, Michael Dehn, President and CEO, said, "The option of the lac Elan Property is a result of Fairmont's expertise identifying opportunities in commodities often overlooked by the others. Lac Elan provides Fairmont with a strong asset to build a small, valuable resource that is close to infrastructure in Quebec."
Source: http://www.fairmontresources.com/