14 June 2004farm in farm out agreement● Neutral
On June 10, 2004 the company took over from Hawk Precious Minerals Inc. an option to earn a 70% interest (subject to royalties) in 5 mining claims of about 3,200 acres in the McFaulds Lake area of northern Ontario. It must pay Cdn$60,000 (half already paid), issue 200,000 unregistered shares by November 1, 2004, and spend Cdn$200,000 on exploration. CEO H. Vance White and director Walter Brooks are also officers and directors of Hawk, whose subsidiary Hawk Precious Minerals USA is a significant shareholder of the company, so the disinterested directors approved it.