Silvore Fox Minerals Corp. (TSX VENTURE:SFX) has announced that it has entered into a letter of intent with Orebot, Inc. to negotiate the terms of an option agreement pursuant to which the Corporation will earn 100% interest in the Winston Lake Property, Thunder Bay, Ontario currently owned by Orebot.
The Winston Lake property consists of 5 claims (53 claim units, or 848 hectares), located 145 km east of Thunder Bay, with road access from Highway 17. The letter of intent contemplates that the Corporation will pay to Orebot, over a 48 month period, a total of $1,200,000, of which the Corporation has agreed to pay a non-refundable $5,000 cash payment, and will pay $25,000 upon execution of the Formal Agreement, $70,000 twelve months thereafter, $300,000 twenty four months and thirty six months thereafter, and $500,000 forty eight months thereafter. Orebot will not retain a net smelter royalty.
The transaction contemplated will be subject to entering into the Formal Agreement by no later than June 15th, 2011, or such date as may be mutually agreed upon by Orebot and the Corporation and will be subject to a 90 day due diligence review by both parties during March to June, 2011.
The President of Silvore Fox Minerals Corp., Mr. Harold J. Cabrita, states, "This is a very exciting time for our Corporation as we expand into Ontario. During the due diligence period we will land geological teams at the Winston Lake. We will review and verify the historical data.
Details of the property and claims will be released as the Corporation verifies the data presented to the Corporation during the due diligence period. This should be no later than June 15th, 2011.
Source: Silvore Fox Minerals Corp.