Galena Capital Corp. has agreed to acquire from two vendors an option to purchase a 100-per-cent interest in the Angus gold-copper property, comprising nine mineral tenures covering 3,567.96 hectares in Northern British Columbia.
The company may exercise the option by making cash payments totalling $1,035,000, by incurring exploration expenditures of at least $2.5-million and by issuing a total of 4.35 million shares of the company (or its assignee), all over four years. If the option is exercised, the vendors will retain a royalty of 2 per cent of net smelter returns.
The Angus property is situated in Northern British Columbia, approximately 30 kilometres south of Watson Lake, Yukon. The property will be explored as a gold-copper porphyry target, and the initial work program to be carried out by the company will be to determine the possible causes of a large electromagnetic geophysical anomaly on the property.
