HALIFAX, March 31, 2011 /CNW/ - Linear Metals Corporation (TSX:LRM) is pleased to announce that it has agreed to terms with Canadian Copper Core Inc.
("CCC") pursuant to which CCC will have the right to earn a 70%
interest in Linear's Seymour Lake property.
The terms of the agreement provide CCC with the option to earn a 70%
interest in the project by making a series of cash payments aggregating
$500,000, issuing CCC shares valued at $1,750,000 and incurring
qualifying exploration expenditures of $3.0 million, all over a period
of three years. Linear retains the right, following CCC's 70% earn-in,
to require CCC to deliver a bankable feasibility study on the Seymour
Lake project in order to earn an additional 10% interest. Linear will
also retain a 1% NSR covering the project.
Brian MacEachen, President and CEO of Linear Metals, commented, "The
principals of Canadian Copper Core have recognized the Seymour Lake
property as one of the most promising properties in Canada for lithium,
tantalum and other rare earth metals. CCC's exploration program will
follow up on the success of Linear's previous drill programs and the
structure of our agreement will provide for the continued advancement
of the Seymour Lake Project with Linear retaining significant direct
and indirect participation in the project's success."
CCC is a private company that plans to list its shares for trading on a
The TSX Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
SOURCE Linear Metals Corporation
For further information:
Linear Metals Corporation
President and Chief Executive Officer