Cascadero Copper Corp. (TSX VENTURE:CCD) has purchased for shares a 100% interest in eight gold properties in the Timmins and Swayze gold belts of Ontario.
The property vendors retain a 2% net smelter return royalty (NSR). Cascadero has the right to purchase 50% of the NSR for C$2,000,000 within the first year of commercial production.
Cascadero is also negotiating option agreements on five other properties totaling 307 units in the Sudbury and Swayze area. Some of the units adjoin and complement the properties staked by the Company, which was the subject of a news release on December 9th 2010.
Cascadero intends to compile all data on each property over the next four months with a view to an initial exploration program in the summer months. Maps of the properties will be available on the Company website in the second week of January.
The purchase agreement is subject to regulatory approval.
Source: Cascadero Copper Corp.