VAL-D'OR, QUEBEC--(Marketwired - Sep 16, 2014) - Cartier Resources Inc. (TSX VENTURE:ECR) ("Cartier") and SOQUEM INC. announce they have amended the option agreement on Fenton property located 47 km southwest of Chapais, Quebec. The modification consists of three changes:
- the new property consists of 15 claims and covers the Fenton gold deposit and its immediate surroundings;
- prolongs the current agreement(1) terms to March 2018;
- continue share-based payments to SOQUEM INC. of 50,000 common shares of Cartier at each anniversary.
"This new agreement gives us an additional three years to explore the depth and lateral extensions of the Fenton gold deposit," said Philippe Cloutier, President and CEO, adding "this is an innovative way to maintain an option on a gold historical resource during difficult market times."
Cartier and Soquem are presently developping a new drill program to test the potential of the deposits extensions.
(1)SOQUEM INC.-Cartier Partnership
Cartier has an option to earn a 50% undivided interest in the Fenton project by incurring exploration expenditures aggregating $1,500,000 by March 21, 2018. Cartier has a firm commitment to invest $500,000 in exploration work over the first year; which has been completed, and to issue 50,000 common shares to SOQUEM INC., on each anniversary of the agreement. SOQUEM INC. will be the operator. After Cartier earns its 50% undivided interest, SOQUEM INC. and Cartier will form a joint venture.
About SOQUEM INC. and Investissement Québec
SOQUEM is a wholly-owned subsidiary of Ressources Québec, which is a subsidiary of Investissement Québec. Investissement Québec's mission is to promote growth and investment in Quebec, thereby contributing to economic development and job creation in all regions of the province. SOQUEM INC. offers businesses a full range of financial solutions, including loans, loan guarantees, and equity investments to provide support at every stage of their development. It also administers tax measures and oversees prospecting for foreign investment.
Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release.
A map is available at the following address: http://www.ressourcescartier.com/sites/ressourcescartier2/fr/projet/fenton/Fig6_Claims-Map.pdf