Mon May 13, 2002 Option Agreement with Mr. Perry English
The Board of Directors of the Company (the "Optionee") are pleased to announce that they have entered into an Option Agreement (the "Option Agreement') with Mr. Perry English (the "Optionor"), to earn 100% interest in and to the Gander River Project Property located in the Gander River Area, Province of Newfoundland (the "Mineral Claims"). Pursuant to the terms of the Option Agreement the Company will be granted an option to acquire 100% interest in the mineral claims by paying an aggregate of $141,000 and issuing 100,000 shares of the Company:
(a) $16,000 to be paid to the Optionor upon execution of the agreement;
(b) 100,000 shares to be issued upon receipt of regulatory acceptance;
(c) $15,000 to be paid to the Optionor on or before the first anniversary of regulatory acceptance of the Option Agreement;
(d) $20,000 to be paid to the Optionor on or before the second anniversary of regulatory acceptance of the Option Agreement;
(e) $40,000 to be paid to the Optionor on or before the third anniversary of regulatory acceptance of the Option Agreement;
(f) $50,000 to be paid to the Optionor on or before the forth anniversary of regulatory acceptance of the Option Agreement.
The newly acquired Abaddon property is located in the Botwood Basin Area of north central Newfoundland, within close proximity to the Altius-Barrick gold project. Abaddon is scheduled to target its upcoming exploration efforts on potential sedimentary rock-hosted, or "Carlin-Type", gold deposits similar to the Altius-Barrick regional geological features referred to as the Mustang Trend.
The above noted transaction is subject to regulatory approval.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
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