Pacific-Link has the option to acquire a 60% interest in the Toe Property by making $255,000 in cash payments, $1,900,000 in exploration expenditures and issuing 400,000 shares of Pacific-Link to BCGold Corp over a four year period.
Pacific-Link can earn an additional 10% interest in the property, following the completion of a feasibility study, for a total interest of up to 70%.
The transaction is subject to regulatory approvals and a definitive option and joint venture agreement on or before 30 April 2012.
The 1,600ha Toe Property is drill-ready and hosts a number of copper-gold soil anomalies and geophysical targets similar to to Capstone Mining Corp.’s currently copper-gold Minto Mine located adjacent to the prospect.
The Toe property is subject to a 2.5% net smelter returns royalty interest held by BCGold Corp. and a third party.
