Peter Island, Sholia in option agreement

Peter Island Resources has entered into an option agreement with Shoilia Resources whereby Sholia may earn a 51% interest in Peter Island’s 42 claims located at the Tabor Lake area in Ontario’s Kenora mining division.

Sholia may earn its interest by paying Peter Island $5,000 and spending $300,000 on the property by Feb 28, 1990. The property is subject to a 1% net smelter return to the prospector.