Beatrix Ventures to acquire five graphite occurrences
2012-05-22 13:00 ET - News Release
Mr. Eugene Beukman reports
BEATRIX ACQUIRES FIVE GRAPHITE OCCURRENCES IN ONTARIO
Beatrix Ventures Inc. has entered into an option agreement with an arm's-length exploration and development company pursuant to which Beatrix has been granted an option to acquire a 100-per-cent interest in a portfolio of properties in Ontario containing five separate graphite occurrences. Each graphite occurrence has been located through government mapping, and several of the occurrences exhibit significant electromagnetic conductor features according to government geological and airborne survey maps. The portfolio contains 84 units of prospective ground in Ontario (the Savant Lake claims) (five occurrences).
The Savant Lake claim group is located within the Patricia mining division, approximately 180 kilometres north of the town of Ignace. The Savant Lake claim group encompasses five historical graphite occurrences located by government geologists (from Ontario Geological Survey map 2442 Geol. Comp. series).
Beatrix will commence field visits to the occurrences immediately to ascertain the extent of each of the graphite occurrences.
The terms of the option agreement between Beatrix and the optionor include cumulative cash payments to the optionor over four years totalling $80,000 and the issuance of 150,000 common shares of Beatrix to the optionor over a four-year period. If Beatrix exercises its option to acquire the properties and begins commercial production on any part of the properties, Beatrix shall pay to the optionor a royalty of 2 per cent of the net smelter returns provided, however, that Beatrix shall have the right at any time to purchase from the optionor one-half of the 2-per-cent smelter returns production royalty in consideration for a one-time payment of the sum of $1-million. This transaction is subject to TSX Venture Exchange approval.
The company's geologist will immediately review all technical data available and propose an exploration program to evaluate the potential of these graphite claims.
Mike Taylor, PGeo, a director of Beatrix, is the qualified person responsible for the technical information contained herein as well as the design of technical programs for the properties.
We seek Safe Harbor.