Two agreements for Lytton Minerals

Lytton Minerals says it has entered into two agreements, both of which are subject to the approval of all regulatory authorities.

The first agreement is with Dolly Varden Minerals Inc., an associated company. Lytton has agreed to acquire an undivided 25% ownership interest in Dolly Varden’s Bidgood-Kirkland property by incurring, before Mar 1, 1988, expenditures on that property of $500,000.

Lytton can increase its ownership interest to 50% by incurring additional expenditures of $800,000 before June 15, 1989.

The second agreement is with NIM Resource — 1987 and Company, Limited Partnership whereunder NIM agrees to provide Lytton with up to $500,000 to carry out a mineral exploration program this year on the Bidgood-Kirkland property. Lytton will issue tax flow- through shares to the Partnership on the basis of 50 cents per share.

The exploration program, which has already started is being directed by Derry, Michener, Booth & Wahl. The Bidgood-Kirkland property is in the Kirkland Lake, Ont. mining camp and formerly was a producing gold mine, the mill between 1933 and 1950 having treated 586,367 tons of ore with a grade of about 0.25 oz gold per ton.

Considerable exploration expenditures are being incurred on adjoining properties.