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| Home : Pacific Ridge Closes Fyre Lake Option to BMC Minerals |
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Jan 19
2017 |
Pacific Ridge Closes Fyre Lake Option to BMC Minerals |
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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 18, 2017) - Pacific Ridge Exploration Ltd. (TSX VENTURE:PEX) ("Pacific Ridge" or the "Company") reports that it has closed the Fyre Lake option to BMC Minerals (No. 1) Ltd. ("BMC") announced December 28, 2016. In addition to the initial $25,000 deposit, BMC has now paid the remaining $50,000 signing payment and the initial $300,000 option payment. Total consideration payable to the Company to exercise the option is $2,575,000 in the case of the one year option or $3,095,000 in the case of the two year option (see below). In addition, a bonus payment of $1,000,000 is payable to the Company if the option is exercised and if and when BMC's Kudz Ze Kayah property has reached commercial production for one year. |
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| Source:http://www.marketwired.com/mw/release.do?id=2189261&sourceType=3 |
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