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olumbia Yukon completes option payments for Storie
2007-10-16 18:36 ET - News Release
Mr. Clive Shallow reports
COLUMBIA YUKON COMPLETES OPTION PAYMENTS FOR ITS STORIE PROPERTY
Columbia Yukon Explorations Inc. has accelerated the option payments and share issuances under its option agreement dated March 20, 2006, with Eveready Resources Corp., and as a result, Columbia Yukon has now earned a 100-per-cent interest in its Storie molybdenum property (subject to a 2.5-per-cent net smelter return retained by Eveready).
Under the terms of the option agreement with Eveready, the company was granted the right to earn a 100-per-cent interest in the Storie property by spending a total of $4-million in exploration expenditures over five years, issuing a total of 600,000 shares over five years and paying Eveready cash payments in the amount of $1.15-million over five years. However, notwithstanding the five-year option term, the company elected to accelerate the schedule of work expenditures, share issuances and payments, and by doing so, substantially reduced the time for earning its 100 per cent in the Storie molybdenum property.
"We are extremely pleased that Columbia Yukon had the foresight, resources and financing to enable it to accelerate its work programs and exercise its option to earn a 100-per-cent interest in the Storie molybdenum property in just over 18 months, rather than the five-year term provided under the option agreement with Eveready. The company intends to continue with its rapid exploration and development of the Storie property molybdenum project, which presently has four drills operating on the property," said Ronald Coombes, president of Columbia Yukon.
Additionally, in accordance with the terms of the company's stock option plan (as recently approved by shareholders), Columbia Yukon has granted 480,000 stock options to certain directors, officers, employees and consultants at an exercise price of $1.27 per share for a term of five years.