Canadian Arrow, San Gold Sign Agreement

Canadian Arrow Mines Limited (TSXV:CRO) announced an option agreement with San Gold Corporation (TSXV:SGR) to acquire an 80% undivided interest in all precious metals excluding platinum and palladium.

As quoted in the press release:

To maintain the Agreement in good standing and earn an 80% interest in the Precious Metals contained on the properties, San Gold has agreed to, among other things, purchase 5,000,000 units of the Company at a price of $0.10per unit. Each unit will be comprised of one common share in the capital of the Company and a ½ of one share purchase warrant.

Canadian Arrow’s President, Kim Tyler said:

We are very pleased that San Gold has agreed to invest exploration expenditures in our mineral properties and in our Company directly through the equity placement. This represents an aggregate$2,000,000 investment in the Company. Many unexplored exploration targets and geophysical anomalies on our properties are prospective for both base metal and precious metal potential.

Click here to read the Canadian Arrow Mines Limited (TSXV:CRO) press release.