Cartier Resources Inc.: Agreement With Weststar Resources on the Diego Property
23.05.2013 | Marketwire
VAL-D'OR, QUEBEC -- (Marketwired - May 23, 2013) - Cartier Resources Inc. (TSX VENTURE:ECR) is pleased to announce the execution of a letter of agreement with Weststar Resources Corp. ("Weststar") regarding an option to earn up to a 80% undivided interest in the Diego property composed of 53 mining claims (the "Property").Initially, Weststar have a first option to earn a 50% undivided interest in the property in consideration for: (a) a cash payment of $15,000 in cash at closing, (b) the issuance of 350,000 common shares of Weststar at closing, and (c) an amount of $1,000,000 in exploration expenditures on the Property over a period of three (3) year as follows: (i) on or before the first anniversary of closing, an amount of $250,000, of which at least $175,000 (70%) will consist of diamond drilling (ii) on or before the second anniversary of closing, an additional amount of $300,000, of which at least $210,000 (70%) will consist of diamond drilling, and (iii) on or before the third anniversary of closing, an additional amount of $450,000, of which $315,000 (70%) will consist of diamond drilling.
Following the exercise of the first option, Weststar may elect to have a second option to earn an additional 30% undivided interest in the Property in consideration for an additional amount of $1,000,000 in exploration expenditures on the property over a period of two (2) years.
This transaction is subject to (a) Weststar obtaining approval of the TSX Venture Exchange, and (b) an additional condition precedent, i.e. the closing by Weststar no later than August 23, 2013 of a private placement for a minimum of $500,000, at which least $250,000 would be allocated to non-flow-through units.
Contact
Philippe Cloutier, President and CEO
Cartier Resources Inc.
819 874-1331
819 874-3113 (FAX)
info@ressourcescartier.com
www.ressourcescartier.com