Agreement Between Vior and Northern Abitibi
QUEBEC, CANADA -- (Marketwire) -- 07/09/10 -- SOCIETE D'EXPLORATION MINIERE VIOR INC. (TSX VENTURE: VIO)(FRANKFURT: VL5) AND NORTHERN ABITIBI MINING CORPORATION (TSX VENTURE (NAI)) -Societe d'Exploration Miniere Vior Inc ('Vior') is pleased to announce the signing of an agreement with Northern Abitibi Mining Corporation ('Northern Abitibi') for the acquisition of Northern Abitibi's 50% interest in two claims north of Vior's Douay deposit. The other 50% already belongs to Vior.
Under the terms of the agreement Vior will pay $40,000 to Northern Abitibi and will issue 400,000 shares of Vior as well as 200,000 warrants. The warrants will have a 5-year term at a price to be set at 33.33% higher than the 10-day trading average of Vior's shares preceding the execution date.
And, upon any subsequent production decision with regards to the Douay West deposit, or if Vior's interest in the deposit falls below 10%, an additional payment of $80,000 to Northern Abitibi, a share payment of 400,000 shares as well as 200,000 warrants, with a 5-year term at a price to be set at 33.33% higher than the 10-day trading average of Vior's shares prior to the production decision announcement.
The securities issued in connection with the transaction will be subject to a 4-month holding period. The agreement is subject to, among other things, the execution of a definitive agreement and to approval of the board of each company and of regulatory authorities.
About Northern abitibi
Northern abitibi mining corp is focused on identifying, acquiring and developing high potential North American exploration projects. www.naminco.ca
About Vior
Vior is a growing mining company focused on developing its properties. www.vior.ca
The TSX Venture Exchange (TSX Venture) does not accept responsibility for the adequacy or accuracy of this Press Release.
Contacts:
Vior Inc.
Claude St-Jacques - President
418-692-2678
cstjacques@vior.ca
www.vior.ca
SEDAR : Societe d'exploration miniere Vior inc
Northern Abitibi Mining Corporation
Dr. Shane W. Erbert
President and Director
403-233-2636