Pursuant to an option agreement dated April 30, 2005, the Company acquired a 100% interest in 14 claims covering 576 hectares in Courville Township, Quebec (the “Courville Property”), from a company controlled by common management. To acquire the interest, the Company issued to the vendor 1,000,000 common shares at a value of $180,000 and was required to incur $73,000 of expenditures (incurred by Wealth Minerals Ltd. (“Wealth”), a company related by virtue of a common officer). The vendor will retain a 1.5% NSR.
On December 14, 2007, the Company entered into an option agreement with Wealth pursuant to which the Company granted Wealth the option to acquire up to an undivided 20% interest in the Courville Property by incurring expenditures on the property totaling $375,000 by December 30, 2008 (additional 10% option not exercised). Wealth has earned a 10% interest in the property. The Company will retain a 1.5% NSR.