Vancouver, British Columbia (FSCwire) - GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to announce that it has signed an option agreement (the “Agreement”) with Fort St. James Nickel Corp. (TSX-V: FTJ.H) (“FTJ” or the “Company”), under which FTJ may acquire 100% of GR’s Porcupine property (the “Property”) located in New Brunswick (the “Transaction”).
Under the Agreement, FTJ may earn-in a 100% interest in the Property by making an immediate $15,000 cash payment and 500,000 share payment of common shares in the capital of FTJ to GR within five (5) days of the TSXV approval of the Transaction followed by $135,000 in cash payments over four years and $425,000 in common shares over corresponding four-year period. FTJ will also be required to spend $1,000,000 in exploration expenditures on the Property over a four (4) year period with a minimum of $150,000 each year.
GR will retain a 2.0% new smelter return royalty (the “NSR Royalty”) which FTJ may buy down one-half (50%) of the NSR Royalty by paying $1,000,000, leaving GR with 1.0%.
The Transaction is subject to, among other things, the completion of a National Instrument 43-101 technical report on the Property, and obtaining all necessary regulatory approvals, including the TSXV.
About Great Atlantic Resources Corp.: Great Atlantic is a Canadian exploration company focused on the discovery and development of mineral assets in Atlantic Canada. The company is currently surging forward building the company utilizing a project generation model, with a special focus on the most critical elements on the planet that are prominent in Atlantic Canada: antimony, tungsten and gold.
