CDN-listed Regal Goldfields has acquired 14 mining claims near Kirkland Lake, Ont.
In return, it must pay $15,000 cash immediately, spend $25,000 on exploration within one year, deliver 6,000 shares of Regal and pay $500,000 once production gets under way.
The claims, in Arnold Twp. will be subject to a 2% net smelter return royalty and Regal can buy half of this for $1 million.
Regal believes the claims contain the strike extension of the geological formation that hosts the Victoria Creek gold deposit, recently discovered by Sudbury Contact Mines (TSE).
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