Landore Resources Limited – Junior Lake-Lamaune Lake Property Consolidation
Agreement has been reached with Stares Contracting Corporation and James Dawson to acquire the residual 20% share of the Lamaune Lake Property, that Landore does not already own, for a consideration of 2,500,002 new ordinary shares of 1p each in the Company.
With this acquisition Landore now has 100% ownership of the highly prospective, 28 kilometre extent, Lamaune Lake-Junior Lake Properties containing the VW Nickel Deposit, the B4-7 Nickel-copper-PGE deposit, the BAM Zone gold occurrence and 8 other known Nickel-copper-PGE (Ni-cu-PGE) occurrences.
The Lamaune Lake Property, consisting of 8 claims for a total area of 1,616 hectares, is located at the western end of and is contiguous with the Junior Lake Property. Lamaune contains the highly prospective Carrot Top Zone (Ni-cu-PGE), the Grassy Pond Zone (Ni-cu-PGE) and several other areas of interest including a significant Iron occurrence at North Lamaune Lake.
Stares have retained a 2% Net Smelter Returns Royalty (“NSR”) on the 8 original Lamaune claims and 9 claims staked by Landore subsequent to the signing of the original option agreement in 2002. Landore is entitled to purchase 1% of the NSR for Cdn $1,000,000 in certain specified circumstances.
Application will be made for the admission of 2,500,002 new Ordinary Shares to trading on AIM. The new Ordinary Shares will rank pari passu with the existing Ordinary Shares and it is expected that admission will occur at 8.00 a.m. on 9 October 2008.
Following the issue of these shares, the Company’s issued share capital will consist of 149,599,325 Ordinary Shares, with voting rights. The Company does not hold any Ordinary Shares in Treasury.