Oteegee Innovations Inc. (OTCBB:OTGI) has announced it has entered into a non-binding Letter of Intent to acquire a 100% interest in the Abigail Lithium Project located in the James Bay, Quebec region.
The property is made up of 222 map-designated cells totaling 11,844 hectares. The acquisition is subject to due diligence by both parties, and the negotiation and execution of a definitive agreement. The agreement will be subject to certain conditions including the Company successfully committing $300,000 for an initial exploration program to begin no later than May 16, 2011 and a cash payment of $250,000 to the Seller over a six-month period.
The Abigail Property is located 1.5 km east of Nemaska Exploration's Whabouchi lithium project. The Whabouchi property has confirmed high-grade spodumene concentrate, and has been ranked 1st in Canada and 3rd in the world amongst hard rock pegmatite projects being developed by researcher signumBOX in September 2010.
On closing, the property will be held by Oteegee's wholly owned subsidiary Tucana Explorations Inc. The Company believes the acquisition of the Abigail Property will create additional value for Oteegee shareholders. Jordan Starkman, CEO of Oteegee Innovations, stated, "We are particularly enthused by the prospects of the property and are excited to commence our airborne geological survey."
Source: Oteegee Innovations Inc.