Oct 21 2010
Amseco Exploration Ltd. (TSX VENTURE:AEL) announces the signature of an acquisition agreement for a 100% interest in a project to be known as Yasinski.
It is composed of 64 Map Designated Cells, covering an area of approximately 4,672 hectares, spread amongst two blocks in the Lower James Bay region of Quebec, sector 33F04.
The acquisition terms call for Amseco to issue to Vanstar (TSX-Venture Symbol:"VSR"), La Prairie, QC, 750 000 common shares. The shares are to be issued upon receipt of the regulatory approvals. Three hundred and seventy-five thousand (375,000) shares will be subject to the standard regulatory hold period of four (4) months following the approval and three hundred and seventy-five thousand shares will be subject to an eight (8) month hold period. Amseco will also pay a sum of twenty thousand dollars ($20,000): ten thousand dollars ($10,000) upon regulatory approval and ten thousand dollars ($10,000) six (6) months after receipt of the approvals.
The property will be subject to a 1% NSR of which one half can be bought back in exchange for a payment of $250,000.
A 43-101 Report was filed on the project was filed in October 2008, by Vanstar and written by Pierre O'Dowd, P. Geo. and Gilles Laverdière, P. Geo. Amseco will soon be issuing a technical press release on the project as well as a description of its planned work and budget.