Ayers Exploration is in the business of mineral clay exploration. We have an option to acquire a 100% interest in the Mt. Cotton mining project located in Queensland, Australia. The option was granted for an initial issuance of 200,000 common shares of our Company to Redpath Clay Corp.
On October 27, 2009, we entered into a Property Option Agreement with Wilpena Resources Ltd. Pty. Under the terms of the agreement, we have received an exclusive option to acquire an undivided 100% interest in the mining claim known as the Wilpena Property situated in central Queensland, Australia.
Our objective is to conduct mineral exploration activities on the mineral claims in order to assess whether it possesses economic reserves of mineral clay. Our proposed exploration program is designed to search for an economic mineral deposit and bring value to our shareholders.