Arianne Resources (“Arianne” or “the Company”) is pleased to announce the sale of its 100% interest in the Komo, Wabamisk and Lac H properties in the James Bay area to Virginia Mines. The company has also granted them an option to acquire 50% interest in the Opinaca property. ” The granting of an option to acquire a 50% interest in Opinaca allows for the development of a possible joint venture with Virginia Mines. This transaction will enable us to increase our efforts to develop Lac à Paul, as we continue to explore James Bay with an esteemed partner ” commented Bernard Lapointe, President of Arianne.
Komo and Wabamisk Acquisition Agreement
Under this agreement, Virginia acquires a 100% participating interest in the Komo (118 claims) and Wabamisk (45 claims) properties in exchange for the issuance of 40,000 common shares of Virginia’s capital stock to Arianne Resources Inc. Lithium One Inc. owns full interests in any potential lithium discovery on four of the claims that constitute the Komo property.
Lac H Acquisition Agreement
Under this agreement, Virginia acquires a 100% participating interest in the Lac H property (69 claims), which is owned equally by SOQUEM Inc. (« SOQUEM ») and Arianne, in exchange for the issuance of 50,000 common shares of Virginia’s capital stock (25,000 to SOQUEM and 25,000 to Arianne). Of the 69 claims that form the property, 38 are subject to a 1.5% NSR to Inco Ltd., which can be bought back for $750,000.
Opinaca Acquisition Agreement
Under this agreement, Virginia has the option to acquire a 50% participating interest in the Opinaca property (165 claims) in exchange for $878,000 in exploration work to be carried out over the next five years, and the issuance to Arianne of 26,330 common shares of Virginia’s capital stock.
Canada Phosphate (www.canadaphosphate.com ) is the wholly owned subsidiary of Arianne Resources and develops the Lac à Paul phosphorus-titanium deposits. These deposits should produce high quality igneous apatite concentrate grading about 40% P2O5 with little or no contaminant. Arianne (www.arianne-inc.com ) is a Canadian exploration company whose primary mission is to explore and develop gold, silver and other metal deposits in Canada and Mexico. The Company has 55 million shares outstanding.