Pursuant to an option agreement dated April 20, 2010, the Company was granted an option to acquire an undivided 75% interest in the Letourneur gold property by making cash payments in the amount of $35,000 (paid) to the vendor and by spending $250,000 (incurred) on the property over two years. The Company had the right of first refusal to meet any offer on the remaining 25% interest. The original agreement consisted of mineral claims covering approximately 658 hectares located in the Abitibi greenstone belt in northwestern Quebec. Additional claims or approximately 2,546.49 hectares contiguous to the Property were staked during the years ended October 31, 2010 and 2011 and were subject to the terms of the Option Agreement. On September 8, 2011, the Company acquired the remaining 25% interest in the Letourneur gold project in consideration for granting the vendor a net smelter royalty (“NSR”) of 2%. The Company was given the right to repurchase up to half (1%) of the NSR for $1,000,000.
Company wishes to focus attention and working capital on Health Canada's legalization of Cannabis and the opportunities that will be presented