Great American Minerals Exploration to Lease Coventry's Uncle Sam Gold Project in Alaska

Coventry Resources Inc. has entered into a mineral lease and purchase agreement with unlisted US company Great American Minerals Exploration Inc., pursuant to which GAME will lease the Company's Uncle Sam Gold Project in Alaska, USA for up to 10 years with an option to purchase the Uncle Sam Project outright at any time during the lease period.

Principal terms of the Agreement are:

1. GAME has paid an upfront deposit of US$30,000 to undertake exploration and development activities on the Uncle Sam Project;
2. GAME will pay annual lease payments of US$25,000;
3. all property holding costs will be paid by GAME including annual rents, permitting costs and all other costs associated with exploration and development activities;
4. during the term of the Agreement, GAME will have an option (the "Option") to purchase a 100% interest in the Uncle Sam Project by:
   • paying an exercise price of US$500,000 in the event the Option is exercised at any time prior to the fifth anniversary of the Agreement;
   • paying an exercise price of US$750,000 in the event the Option is exercised at any time following the fifth anniversary and expiring on the date of the tenth anniversary of the Agreement;
   • prior annual lease payments will be credited to the exercise price payable;
   • subject to GAME exercising the Option, Coventry will be granted a 1% net smelter return royalty on future production and GAME will assume responsibility for Coventry's third party obligations in relation to the Uncle Sam Project.

The decision to divest Coventry's interest in the Uncle Sam Project was made following the Company's acquisition of the high-grade Caribou Dome Copper Project in February 2015.

Source: http://www.coventryres.com/