Nov 23 2010
Silver Quest Resources Ltd. (TSX VENTURE:SQI) has announced that it has entered into an option agreement to acquire a 100% interest in 75 quartz mineral claims covering approximately 1,560 hectares known as the Poker Property.
The Property, located approximately 140 kilometres northwest of Carmacks, Yukon increases the Company's land holdings in the White Gold Area to over 4,800 quartz mineral claims covering in excess of 100,000 hectares.
Pursuant to the terms of the option agreement, the Company can acquire a 100% interest, subject to a 2% percent net smelter return royalty ("NSR"), in the Property by making aggregate cash payments of $225,000 and issuing a total of 351,000 common shares over a three year period. At any time, for a period of three years, following the completion of the option, the Company may purchase one-half of the NSR for a cash consideration of $1 million. The option agreement is subject to regulatory acceptance. All securities issued pursuant to the option agreement will be subject to a four month hold period trading restriction.
A summer 2011 exploration program will be planned to include geological mapping, geochemistry and trenching, directed towards drill target definition.
Source: Silver Quest Resources Ltd.