Full Metal Minerals Ltd. (TSX-V:FMM) is pleased to announce that it has signed a letter agreement to sell its interest in the Unga/Popov Gold Property to Redstar Gold Corp (TSX-V:RGC). Redstar currently holds an option to acquire a 60% interest in the property from Full Metal. Full Metal has an Exploration Agreement with Option to Lease with the Aleut Corporation, an Alaska Native-owned Regional Corporation.
Under the terms of the letter agreement, Redstar will issue 4,000,000 shares and pay $50,000 to Full Metal. Closing of the transaction is subject to conditions including receipt of TSX Venture Exchange approval, the completion of a definitive agreement and signing Surface Access Agreements for the Unga Property.
“Enabling Redstar to proceed with exploration with a 100% interest on the Unga/Popov Property is in the best interest of both Companies,” said Robert McLeod, CEO and Vice-President of Exploration for Full Metal. “Full Metal will continue to be exposed to exploration upside in the Property through our shareholding, and the transaction will allow us to concentrate on the nearby Pyramid copper-gold-molybdenum Deposit.”
Full Metal is a generative exploration company focusing on precious and base metal projects in Alaska
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