A letter of intent to enter into an option agreement with Blue Falcon Mines has been signed by Micron Metals Canada (ASE) and its joint venture partners in the Moapa Valley prospect in Nevada. The agreement will allow Blue Falcon, a private Canadian company of which Gordon Leliever is president, to earn a 60% interest in the precious metals project.
To earn its interest, Blue Falcon must meet certain conditions, including commissioning the preparation of a feasibility study which will detail the results of a 90-day, 10-ton-per-day milling and metallurgical testing procedure.
The option agreement, which will allow Blue Falcon to purchase (through staged private placements) up to 2.5 million shares of Micron at a total consideration of $6 million, is subject to shareholder and regulatory approval.
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