Orleans acquiring east coast interests

An agreement has been reached between Orleans Resources (ME) of Val d’Or, Que., and Hathor Resources, a non-trading public company, whereby Orleans may acquire a 50% interest in the latter’s Nova Scotia property holdings.

Orleans may acquire its interest through a cash payment this year of $200,000, transfer of 400,000 treasury shares and by spending a minimum of $1.7 million on exploration work; and in 1989 and 1990, through payment of $150,000 each year, transfer of 100,000 treasury shares each year and by spending up to $3.3 million on exploration.

Hathor has also been granted a 3-year option to acquire an additional 250,000 treasury shares of Orleans. The agreement is subject to regulatory approval.

Hathor’s properties are located within 20-70 miles of Halifax. Several of the properties are former gold producers. Separate from this agreement, Orleans in March acquired a 50% interest in Hathor’s Renfrew property in Nova Scotia.