Argonaut Exploration Inc.
, Stock Forum
) has entered into an option agreement with an effective date of Oct. 22, 2013 with an arm's length party, to earn a 100% interest in certain mineral claims located in the Hidden Valley area of British Columbia.
The agreement is a replacement for a previous agreement dated Sept. 22, 2009, which expired on September 22, 2013 that pertained to the Hidden Valley property.
According to the Argonaut Exploration press release
, pursuant to the terms of the agreement, Argonaut can earn a 100% interest in the Hidden Valley property by paying an aggregate amount of $50,000 and issuing an aggregate of 500,000 common shares of the company.
The option holder will retain a 2.0% net smelter return royalty on proceeds derived from the sale of minerals produced from the five claims composing the Hidden Valley claims.
Argonaut may purchase and terminate the Royalty at any time upon paying aggregate cash payment of $1.5 million.
Argonaut is a junior mineral exploration company focused on the acquisition, exploration and development of gold, silver and copper bearing mineral properties.
On Friday morning, Argonaut was trading at $0.015 per a share. The company had a market cap of $748,580, based on 49.9 million shares outstanding.