Prince George-based Barker Minerals has entered an agreement to purchase the Spanish Creek Property mineral claim near Williams Lake.
The company said in a press release issued Tuesday it will purchase the 325-hectare site from two "arm's length vendors" for $10,000 with and $2,000 payable at closing and additional payments of $2,000 per month for four months to follow.
Barker Minerals will also issue 200,000 common shares at seven cents per share and once the deal is completed, the property will be subject to a one-per-cent net smelter return royalty held in favor of the vendors which can be repurchased by the Company for $1 million within five years of the date of closing.
The claim is described as 325 hectares, with vein-gold type drill targets and "excellent access and infrastructure nearby." It's located 70 kilometres east of Williams Lake and 20 kilometres from Likely in the Cariboo Mining District.
The acquisition will be subject to certain conditions including TSX Venture Exchange approval.
