HNLMF: LOI to Acquire Hearne Uranium Property in Northern Manitobaadmin
Hinterland Metals Inc. (HNLMF) has signed an arms length Letter of Intent (“LOI”) to acquire the “Hearne” uranium property located some 120km west of Churchill in Northern Manitoba. Under the terms of the LOI the vendor has agreed to grant Hinterland an option to earn a 100% interest in the Hearne property for $50,000 cash, 200,000 treasury shares and $350,000 work expenditures scheduled over a two year period.
The Vendor will retain a two-part production royaly consisting of a 2.0% Net Smelter Returns royalty on smeltable materials and a 2% Gross Overiding Receipts royalty on diamonds. Hinterland will have the right to buy back the first 1% of the Royalty for $1,000,000 and will have the right of first refusal on the remaining 1%.