Mandalay Resources Corp (MNDJF)

[NYBob]

Mandalay Resources reveals WPC Resources set to buy Ulu gold property
Share
14:02 11 Jan 2018

The Ulu lease covers around 947 hectares contiguous to the Hood River
property in the High Lake greenstone belt

Mandalay Resources reveals WPC Resources set to buy Ulu gold property

The Ulu gold property is in Nunavut, Canada.

Mandalay Resources Corp (TSE:MND) revealed that Vancouver based
explorer WPC Resources Inc is set to buy its Ulu gold property
located in Nunavut, Canada after inking an option deal.

The Ulu lease covers around 947 hectares contiguous to
the Hood River property in the High Lake greenstone belt.

A 5% net proceeds of production royalty is payable to Royal Gold
on production from Ulu in excess of 675,000 ounces and
mining major BHP Billiton (LON:BLT) retains
the Ulu diamond rights.

A previous mineral estimate put the total measured and indicated
resource at 605,000 contained ounces of gold at 7.53 g/t (grams per
ton) from 2.5mln tonnes.

Among the terms is that WPC must pay Mandalay
C$200,000 within five business days of the receipt of
regulatory approval and pay a further
C$200,000 on or before May 31 this year.

It will also issue Mandalay with 15 mln shares.

http://www.proactiveinvestors.com/companies/news/189907/mandalay-resources-reveals-wpc-resources-set-to-buy-ulu-gold-property-189907.html

God Bless