North of 60 Mining News - The mining newspaper for Alaska and Canada's North

Gray Rock Resources Ltd. Sept. 30 said it has entered an agreement to acquire the Surprise Lake gold property in northwestern British Columbia from DeCoors Mining Corp. Located near Atlin, the Surprise Lake property covers two documented mineral occurrences - Surprise and Cabin Silver - as well as a new visible gold discovery in bedrock along Otter Creek.

The agreement also includes six other early-stage mineral exploration properties in British Columbia.

In consideration of the acquisitions, Grey Rock will issue to DeCoors for 4 million shares for Surprise Lake and reimburse the vendor up to C$30,000 for property location and exploration costs.

In addition, DeCoors will retain a 1.5 percent net smelter returns royalty on each of the purchased properties, until the Grey Rock has paid C$2 million under the NSR of any property placed into commercial production.

Alternatively, Grey Rock has the option to pay C$666,667 for every one-third of a NSR at any time.

"With the improved market conditions, we have set out to build a solid portfolio of well-located projects in British Columbia," said Gray Rock President and CEO David Wolfin.

"The Surprise Lake property represents an exceptional opportunity for the company, and Gray Rock will be able to pursue exploration with field crews already in place."

Author Bio

Shane Lasley, Publisher

Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.

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