On Jan. 23, 2014, the TSX Venture Exchange accepted for filing Remstar Resources Ltd.'s previously announced option agreement with an arm's-length vendor (see news release dated Jan. 21, 2014) to earn a 100-per-cent interest in the Rushton Lake gold property. Under the agreement, Remstar will issue four million common shares of the company to the vendor upon closing, pay a total of $300,000 over 42 months and incur $3.5-million in exploration expenditures over the next four years. The property is subject to a 1-per-cent net smelter returns royalty, which can be purchased at any time by the company for $1-million.
The property covers an area of approximately 1,889 hectares and is situated approximately 6.7 kilometres southwest of Remstar's Wildnest gold project in central Saskatchewan.
In accordance with applicable securities laws, the common shares of the company to be issued under the agreement will be subject to a four-month hold period.