Montreal-based Yorbeau Resources (YRB.a-T) has acquired an 80% interest in Explorers Alliance‘s (YXP-V) Beschefer property. The property is adjacent to the northern portion of Yorbeau’s Casa Berardi West property.
The price tag for the stake in the 149 mining claims was 500,000 class A common shares. Yorbeau also has an option to acquire at any time Explorers’ remaining 20% interest for either $500,000 in cash or 1.8 million class A common shares, whichever Explorers chooses. The share issuance is subject to regulatory approval.
Under the deal, Yorbeau has committed to spend at least $400,000 on exploration before the fifth anniversary of the agreement.
Meanwhile, at the Casa Berardi West property, Yorbeau has a $941,750 drilling program under way. The holes are focussing on the northwest portion of the property to look for extensions of the adjacent B-26 gold and copper deposit defined by Billiton Metals Canada and Quebec government-owned Soquem.
The drilling is being paid for with funds from a private placement of 3.9 million flow-through shares at 20 apiece and from a transaction with Societe d’investissement dans la diversification de l’exploration (SIDEX), which subscribed to 2 million shares at the same price. Those deals were completed late last year.
Yorbeau also plans to wrap up exploration and drilling on its Astoria I and Astoria II properties also in Quebec by the end of the month.
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