Feb 18 2015
Fairmont Resources Inc. announces that it has received the acceptance of the TSX Venture Exchange of its option agreement with three prospectors (the "Optionor") to acquire a 100% interest in the Forestville and Baie-Comeau Quartzite properties (the "Properties"). Accordingly, Fairmont (the "Optionee") has issued to the Optionor 500,000 shares and paid the Optionor $6,000.
In order to exercise the balance of the option, Fairmont will be required to (i) issue $100,000 in shares on or before January 21, 2016; (ii) issue $50,000 in shares on or before July 21, 2016; and (iii) incur $60,000 of exploration expenditures on the Forestville Quartzite Property on or before December 31, 2015. The Optionee shall be responsible for keeping the Property in good standing including the filing of required assessment work and completing regulatory work expenditures or making cash payments in lieu of work 120 days before required under the rules of the jurisdiction. The Property shall be subject to a 3.5 kilometre area of interest (the "AOI") with the exception of existing claims held by the Optionor or Optionee, other than the Property, in AOI at the time of signing. The Property will be subject to a 2% Production Royalty per tonne. The Optionee may repurchase the royalty at a price equal to $0.25 per tonne of Product on each tonne of calculated measured and indicated mineral resource on the Property.
The Forestville Quartzite property is located 20 kilometres north-northwest of the town of Forestville, Quebec. The Baie-Comeau Quartzite property is 8 kilometres northwest of Baie-Comeau, Quebec, and partially crosses highway 389. The properties have been optioned for the purpose of testing the chemical and physical properties of the quartzite as potential raw material source of high purity glass, fibre optics, ferrosilicon and silica metal.
Source: http://www.fairmontresources.com/