Supatcha Resources Inc. (SAEI)

[Mtrader16]

Supatcha Resources Inc. entered into a letter of intent with Derzhnagldo Polymetals to Acquire 98% interest in the mining claims of their property in Odessa Oblast, Savaransky District, Southern Ukraine. The agreement is binding and subject to a number of conditions, including financing and due diligence.

The terms of the agreement involve Supatcha paying the owners of the property a total of US$3,500,000 of which US$200,000 will be paid as a non-refundable deposit, with the balance to be paid within 45 days of the signing of the Letter of Intent after which Supatcha will own 98% of the mine (including all of the capital equipment) and the mineral concessions. Supatcha has also agreed to invest a further US$2,800,000 in expanding the current operation over the next year. The deal is subject to a 45 day due diligence period during which time Supatcha will carry out additional surface sampling and a limited diamond drill program.