ONTARIO – Toronto’s Red Pine Exploration and the Flying Post First Nation have signed an exploration and development agreement that covers the Cayenne-Chili zinc-lead property 110 km southwest of Timmins.
The accord outlines the working relationship between the signatories as the property lies within the Flying Post traditional territory. It also includes terms and conditions outlining environmental protection, employment, training and business opportunities, as well as mitigation of impacts on the traditional pursuits of Flying Post First Nations members.
Red Pine has agreed to compensation including a lump sum cash payment of up to $15,000 plus on-going cash payments equal to 2% of all assessment eligible exploration spending to a maximum of $50,000 per year. The company will issue (subject to TSX approval) up to 300,000 common shares to the First Nation and a further 700,000 share purchase warrants.
The company is conducting geophysical programs at Cayenne-Chili and drilling is to resume within a few weeks.
Additional information is posted at RedPineExp.com.