Madeleine acquires Lac des Iles royalty

Toronto-based junior Madeleine Mines (TSE) has acquired the operating profits interest in three of the four Crown mining leases that comprise the Lac des Iles platinum project near Thunder Bay, Ont. The royalty was acquired from the original prospector who staked the property.

The transaction, valued at $543,750, was accomplished in exchange for 138,750 common shares of Madeleine and cash.