Gespeg Completes Acquisition of Cap-Chat Copper Project in the Gaspe Peninsula

GESPEG COPPER RESOURCES INC. is pleased to announce that it has entered into a purchase agreement with Mr. Daniel Lepage and Mr. Pierre Ross, both arm's length parties to the Company, to acquire a 100% undivided interest to 12 mineral claims on the North portion of the Gaspé Peninsula, near the Municipality of Cap-Chat and comprising approximately 680 hectares or 6.8 sq/km. These claims are adjacent to the Barabin claims that are already in Gespeg land potfolio.

Under the terms of the Agreement, Gespeg is acquiring the Property by paying the Vendors the following:

  1. an aggregate cash payment of $10,000 ($5,000 to each Vendor) upon approval of the TSX-Venture Exchange.
  2. 1,000,000 common shares of Gespeg to the Vendors (500,000 common shares to each Vendor) upon approval of the TSX-Venture Exchange.
  3. a 3% net smelter royalty ("NSR") (payable 1.5% to each Vendor). The NSR can be reduced by 1.5% with the payment of $1,500,000 ($750,000 to each Vendor).

Mr. Sylvain Laberge, President and CEO of Gespeg, remarks "We are pleased to add this property to our portfolio. It furthers our mandate of expanding our position in prospective properties in the underexplored Gaspé Peninsula region".

Source: http://gespegcopper.com/

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