On Friday the TSX-Venture
Exchange accepted the option agreement for Mountain
Lake to purchase Richmont’s
interest in the Valentine
Lake gold property (see
the Exchange bulletin below).
You can also download the
updated NI 43-101 Technical Report on the project from the bottom of the Valentine Lake
page on the Mountain
Lake website at: http://www.mountain-lake.com/ValentineLake.html
LAKE RESOURCES INC. ("MOA")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: April 3, 2009
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted an agreement between Mountain Lake Resources
Inc. (the "Company") and Richmont Mines
Inc. ("Richmont"), dated February 5, 2009.
Pursuant to the agreement, the Company has been granted an option to purchase Richmont's 70% interest in the Valentine Lake Gold
Property, in Central Newfoundland. The Company
currently owns a 30% interest in the Property.
Aggregate compensation payable by the Company is:
* 2,500,000 Company common shares to Richmont;
* $3,000,000 in option payments to Richmont over a
four-year period, and;
* $1,000,000 in exploration and development expenditures on the Property over a
The option payments may be in cash, or 50% in cash and 50% in Company common
shares, at the sole election of the Company at the market price at the time of
issuance, subject to a minimum price of not less than $0.20 per share.