Arianne Resources Inc. (TSX VENTURE:DAN)(FRANKFURT:JE9N)(OTCBB:DRRSF) would like to announce the sale of its Brouillan Ouest and Heva properties to Exploration NQ Inc. (TSX VENTURE:NQE) and Midland Exploration Inc. (TSX VENTURE:MD) respectively. Both of these decisions give effect to Arianne’s strategy of focusing its efforts on developing its open-pit phosphate mine project at Lac a Paul and selling off its non-phosphate assets.
Brouillan Ouest: Following the issuing of 1,000,000 shares to Arianne, at a deemed price of 5 cents per share, Exploration NQ Inc. acquires 100% of the cell claims that make up the Brouillan Ouest property. This acquisition ends the option agreement that Exploration NQ Inc. held on said claims. However, Arianne retains 2% royalties on the foundry’s net revenue (NSR), half of which (1% NSR) is redeemable at any time, in consideration of the $1,000,000 cash payment.
Heva: Midland Exploration Inc. acquires, in consideration of a $30,000 cash payment and the issuing of 60,000 common shares of its share capital to Arianne, 100% of the rights on two separate blocks made up of 4 and 25 cell claims respectively. Midland Exploration Inc. agrees to assume obligations resulting from 2% royalties on the foundry’s net revenue (NSR) which is payable to the initial prospectors of said Heva property
Arianne Resources owns and is developing the Lac a Paul phosphate-titanium deposit that will produce a superior grade apatite concentrate grading 39% P2O5. The Company currently has 77 million shares issued.
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We acknowledge the [financial] support of the Government of Canada.