Vancouver, British Columbia and Montreal, Quebec--(Newsfile Corp. - January 3, 2017) - Lomiko Metals Inc. (TSXV: LMR) (OTCQX: LMRMD) (OTC: LMRMF) (FSE: DH8B) ("Lomiko") and Canada Strategic Metals Inc. (TSXV: CJC) (FSE: YXEN) (OTC Pink: CJCFF) ("Strategic Metals") have agreed to amend and extend two options agreements for the La Loutre and Lac des Iles Properties dated February 6, 2015 and May 13, 2016 (the "Agreements") which allow Lomiko to earn 80% and then 100% ownership of the two properties, respectively.
"We eagerly await drill results from the completed La Loutre drill program in early 2017." Stated A. Paul Gill, CEO, Lomiko Metals.
Area of New Drilling at La Loutre
Lomiko has yet to complete the first option as $ 383,000 work remains to be done. The two companies have now agreed that, under the February 6, 2015 Option Agreement to earn 80%, the deadline date for work completion will be extended from December 31, 2016 to June 30, 2017. All other requirements under the agreement have been met.
In addition to the changes to the February 6, 2015 Agreement, the companies have also amended the May 13, 2016 Agreement to earn 100% which starts after the completion of the February 6, 2015 option. The companies have agreed to eliminate the $10,000 payment required at point 6.A.1 (a) of the Option Agreement, dated May 13, 2016.
In lieu of the above changes, Lomiko has agreed it will issue and deliver 200,000 of its common shares to Canada Strategic within ten days of TSX approval of the Agreement.
