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The Canadian Press - ONLINE EDITION
Virginia Energy options Hawk Ridge mining property for $3 million
The corporate logo of Virginia Energy Resources Inc. (TSXV:VAE) is shown. THE CANADIAN PRESS/HO
VANCOUVER - Virginia Energy Resources Inc. (TSXV:VAE) has agreed to option its Hawk Ridge copper-nickel-platinum group metals property in Ungava Bay, Que. to Orient Venture Capital Inc. (TSXV:OVC.H) for $3 million in cash and stock.
Under a letter of intent, Virginia said Tuesday that Orient will earn a 100 per cent interest in the property through staged payments of $2 million in cash and $1 million worth of shares.
The deal is subject to a definitive agreement and regulatory approval.
Virginia Energy explores for and develops uranium properties, with a 29 per cent stake in the Coles Hill uranium project in Virginia. It also has exploration programs in the Athabasca Basin of Saskatchewan and in the Otish Basin of Quebec.
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