Compliance Energy Corporation is pleased to report that it has acquired mineral tenures to five separate exploration properties on Vancouver Island, British Columbia.
The Camp Lake, Hisnit, and Tower Properties were acquired for total cash consideration of $200,000 and future royalty payment. The Company has also acquired mineral tenures to the NIC and the CJD properties. No additional purchase consideration or royalty payments are required on the NIC or CJD properties.
The Company acquired these properties under option and in 2010 performed early stage exploration which included geological mapping, soil and rock geochemistry, and airborne geophysical surveys totalling 927 kilometres. Given the results of this exploration work, the Company elected to exercise its option to acquire these properties. The Company will continue exploration work next season, in a program that will include more grassroots exploration and approximately 3500 metres of drilling.
Mr. John Tapics said "we have gained significant expertise for socially and environmentally responsible mining exploration and development on Vancouver Island, which has provided us with the opportunity to expand into other areas of mineral exploration."
Source: Compliance Energy Corporation