Acadia granted 3-year option in Pomac claims

A working option joint venture has been signed by Pomac Mines and Acadia Mineral Ventures dealing with Pomac’s property in northwestern Ontario.

Acadia has been granted a 3- year option to earn a 51% interest in the property comprising 23 gold claims located in the Vermilion Lake area near Sioux Lookout.

The agreement calls for $300,000 cash payments to Pomac over three years and the expenditure of $750,000 in exploration work within three years; in the first year Pomac is to receive $25,000, with $250,000 to be spent on exploration.

After Acadia earns its full interest, the companies have agreed to participate on a 51-49% basis in future programs with dilution penalties for non-participation. Neither company can be diluted below a 15% carried interest.

The agreement is subject to shareholder approval.

In other news, Acadia will acquire the 17.7% participating interest of Sparton Resources in the M.E.X. joint venture, which is involved in exploration programs in the Bathurst, N.B., area.

Under the terms of the deal, Sparton will recover approximately 90% of its required expenditures in the project and retain a 4% net profits interest royalty after payback. The transaction is subject to regulatory authority approval.