Canoe Mining Ventures Corp. Enters into Option Agreement
mining operations have occurred on the Property. Significant prospects on the Property include: the William Elliot & Mica Lake prospects, discovered in 1919 from which highly selective grab samples returned up to 79.5 % U3O8 along with high-grade rare earth elements; the Ryan, Mann and Sheehan prospect, discovered in 1921 from which selective grab samples returned up to 0.45 % U3O8 over a 3 foot chip sample; the E.J Rivers prospect, discovered in 1953 from which selective grab samples returned values of up to 9.75 % U3O8 along with high-grade rare earth elements. In addition, the property is contiguous with G6 Energy Corp.'s Kearney Mine property. Under the terms of the Option Agreement, the Company may exercise the Option upon: the issuance of an aggregate of 1,900,000 common shares in the capital of the Company; and incurring an aggregate of $250,000 in expenditures on the Property as follows: the issuance of 300,000 Common Shares to Griftco on the tenth business day following the receipt by the Company from the TSX Venture Exchange of conditional approval for the transaction contemplated by the Option Agreement; the issuance of 300,000 Common Shares and incurring $50,000 in Expenditures on or before the first anniversary of the Closing Date; the issuance of 300,000 Common Shares and incurring an addition $100,000 in Expenditures on or before the second anniversary of the Closing Date; and the issuance of 1,000,000 Common Shares and incurring and additional $100,000 in Expenditures on or before the third anniversary of the Closing Date.