Alta mining, a subsidiary of Fortune Oil & Gas, has inked a binding option agreement due to the receipt of encouraging results from due diligence.
Under this agreement, the company earns an option to buy a 90% undivided interest in the Kane Creek and Wilson Creek property, which includes 25 mining claims totaling more than 6000 ha of superior-grade showings of silver, situated in Canada’s SLOCAN mining camp.
In July 2011, the parties signed a Letter of Intent prior to the signing of the option agreement. This option agreement gives a period of three years for imbursements with a pre-fixed minimum exploration value, which should be accelerated on the property. Alta can quickly pay up and turn into an officially registered holder of the mining claim areas, provided the exploration proves to be a possible mining operation depending on the defined criteria in the binding agreement.
Alta can discover significant value at the property by a fresh approach. It will considerably consume less time and resources in order to improve the BC project completely, as a result of the historic silver showings and the advantageous position of the property.
At present, the company is putting all the available technical and geological data of the property together, which was gathered during the due diligence work. The company will reveal further data of the property, once Alto concludes this procedure.
Alta is quickly becoming a silver exploration and development chief in the productive area of Slocan. It will thoroughly work for the additional enhancement of the property portfolio through the rich North American mining properties.
Source: http://www.fortuneoilandgascorp.com/