Geo Minerals leases Arizona exploration permits

2008-05-21 16:23 ET - Property Agreement

The TSX Venture Exchange has accepted for filing a letter of agreement between Geo Minerals Ltd. and Bronco Creek Exploration Inc. (the vendor), whereby the company has the right to lease 100 per cent of 6,160 acres of State of Arizona exploration permits and an additional 44 unpatented federal mining claims in Pinal county, Arizona. In consideration, the company will issue a total of 800,000 common shares (150,000 in the first year) and pay a total of $705,000 (U.S.) ($80,000 in the first year) to the vendor.

The agreement is subject to a 2.5-per-cent net smelter return, which may be brought down to 2 per cent by the payment of $1-million by the company to the vendor.