Under the terms of the agreement, the company will issue 5,500,000 shares on the completion of the transaction, besides paying $5,000 on signing of the term sheet.
Additional payment of $45,000 is to be made before 30 August 2013 along with issuing 5,000,000 shares one year from the completion of the aggrement.
Torch River Resources CEO Paul Ogilvie noted that the property is acquired in a bid to become pure play lump graphite producer.
"The Walker mine is geographically a very desirable historical producer and we look forward to defining what we hope will be considerable lump reserves," added Ogilvie.
Torch River, meanwhile, is planning to undertake two phase exploration program from June 2013 with an investment of $200,000.
First phase of the program includes a geophysical survey, a geological mapping program, and technical studies on the samples retrieved from the property, while second phase II comprises a defined drill program of between 500m and 750m commencing in early July.
