Opawica Acquires 100% of Maybrun-Atikwa Lake Propertyadmin
Opawica Explorations Inc. announces that pursuant to its Property Option Agreement dated September 5, 2005 with Maybrun Mines Ltd., the Company has now acquired 100% of all right, title and interest in the copper-gold Maybrun-Atikwa Lake property located about 120 kilometres southeast of Kenora, Ontario.
Pursuant to an amending agreement and the above note September 5, 2005 agreement the Company has paid $410,000 in cash and issued a total of 1,560,000 post consolidated common shares of the Company over the past 4 years. The property is subject to a 3% net smelter royalty one-half of which (1.5% NSR) may be re-purchased by the Company for $1,000,000 by November 30, 2010. If the Company does not purchase the royalty by that date, the royalty thereafter will be a 5% NSR one-half of which (2.5% NSR) may be re-purchased for $1,000,000 at any time by the Company.
Seven further advance royalty payments are due to the holder of the NSR of $50,000 per quarter commencing in July, 2009.
An NI 43-101 report on the Maybrun-Atikwa Lake property is expected to be completed in December 2008. Drilling is scheduled to commence at Atikwa Lake in the next two weeks consisting of 2 to 4 deep holes of up to 800m each. This drilling is expected to be completed by year end 2008.
Warrants: 2,410,081 @ $0.36 to $0.90 Shares Issued: 22,305,868 Stock Options: 1,800,000 @ $0.35 to $0.80
Restricted Shares: 2,870,000