Val-d'Or, February 18, 2013, CORPORATION EXPLORATION ILEDOR (<< ILEDOR >> OR THE << CORPORATION >>) (TSX.V : ILE) is pleased to announce the acquisition from Bertrand Brassard of a direct property interest of 100% of 232 mining claims in the Coleraine property located in the Thetford Mines region and of 37 mining claims in the Sterret property in the Asbestos (the "Property") in consideration of the issuing of two millions nine hundred forty thousand (2,940,000) class "A" shares in the capital stock of the Corporation (the "Common Shares"), which shares are to be partially held in escrow for a period of 21 months and the payment of a 2% royalty to the vendor from the net smelter returns, of which 1% is redeemable by the Corporation for a lump-sum of $1,000,000 (the "Transaction"). The Property covers about 12,287 hectares. The Coleraine property is mainly comprised of chromium mining properties and subsidiarily of Platinum, Palladium, Gold and Copper and the Sterret property is mainly comprised of chromium and and subsidiarily of Platinum and Palladium. The Transaction is subject to the final approval of the TSX Venture Exchange and other regulatory approvals. The escrowed Common Shares will be released in successive tranches until November 10, 2014.
In the scope of the Transaction, the Corporation has undertaken to pay to Seguin Racine, Attorneys, an arm's length party, intermediation fees of two hundred ninety-four thousand (294,000) Common Shares. Each Common share will be subject to a mandatory holding period of four (4) months and one (1) day.
Mr. Mario Bisson is pleased to have successfully partnered with Mr. Bertrand Brassard in the pursuit of Iledor's projects. Mr. Bisson, who will remain Secretary and Director of the Board, declares: "With these new properties and their potential, the Corporation wishes to increase short term shareholder value and as such, I have confidence in the future of Iledor".
Finally, the Corporation is pleased to announce the appointment of Mr. Bertrand Brassard as President, Chief Executive Officer and Director of the Corporation and following the resignation of Mr. Ghislain Tourigny as Director, wishes to thank Mr. Tourigny for his contribution to the Corporation.
Mr. Bertrand Brassard (P.Geo., M.Sc.) is an experienced and accomplished geologist. He has greatly contributed to geology through his involvement in research, by teaching prospection courses in different regions of the Province of Quebec, by working alongside various associations and mining funds. Moreover, he has drafted erudition works on the subject including numerous articles and publications. In addition to his contribution to geology, Mr. Bertrand held several management positions and sat on numerous Boards of Directors, namely Nevado Resources Corporation, Exploration Lounor Inc., Ressources Mirabel, Ressources Allican inc., Gold Finch Explorations Inc., Andromede Mining Resources Inc., Valmont, Mining Exploration Inc., Groupe Geoconseil Phenix Inc. Finally, he has served as consultant or Senior Geologist for different companies such as GHK Company (Oklahoma, USA), Kennecott Canada, North Coast Mineral Exploration Fund, Services miniers du Nord Inc., Canadian Royalties Inc. and Niogold Mining Corporation. Today, he is senior consultant for the firm Bertrand Brassard Geo-Conseil Inc.
All technical information included in this press release has been reviewed and approved by Bertrand Brassard (P.Geo., M.Sc.) qualified person as defined by National Instrument 43-101.
For further information, please contact Mr. Mario Bisson, Director, at (819) 874-2115 or visit our website: www.explorationiledor.com.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Statements made in this news release that are not historical facts are "forward-looking statements" and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking" statement.
Leave a comment...