Northern Superior Resources to Acquire Waconichi Gold Property, Quebec

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Northern Superior Resources Inc. (SUP.V) has entered into a binding agreement to acquire the Waconichi Gold property from Murgor Resources Inc. (MGR.V). The Waconichi Gold property consists of 306 claims covering an area of approximately 17,588 hectares and the largest cluster of claims are adjacent to the Company's Croteau Est gold property located to the south.

Northern Superior previously held an option to earn a 70% interest in the Waconichi Gold property but was able to renegotiate its arrangement with Murgor to acquire 100% of the property. Under the former option, to earn its 70% interest Northern Superior would have been required to pay Murgor a further $110,000 in cash, issue 800,000 additional Northern Superior shares and expend approximately $950,000 more on exploration on the Waconichi claims over the next two years.

Under the renegotiated arrangement, Northern Superior will acquire a full 100% interest in the property by making a one-time cash payment of $225,000 and by granting Murgor a 1% NSR royalty on a majority of the Waconichi claims. Northern Superior will no longer be required to issue further shares to Murgor or incur further expenditures on the property.




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This article appears in: Investing , Commodities

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