GLEN HAWK MINERALS - UPDATES PROPERTY ACQUISITIONS WINDFALL LAKE PROJECT, QUEBEC
The TSX Venture Exchange has accepted for filing Glen Hawk Minerals Ltd.'s acquisition of the Windfall Lake property and accordingly, pursuant to its option agreement, the company has issued 1,125,000 common shares and made a cash payment in the amount of $100,000. Glen Hawk acquired the option to earn a 100-per-cent interest in the Windfall Lake property subject to a 2-per-cent net smelter return, 50 per cent of which the company can purchase for $1-million or such lesser per cent as it wishes to on a pro rata basis. To complete the exercise of its option, Glen Hawk is required, by Dec. 12, 2008, to issue a further 500,000 shares, pay a further $75,000 and complete $500,000 of exploration work on the Windfall Lake property.
The Windfall Lake property, which consists of 38 mineral claims (approximately 147 hectares) is located in the Chibougamau mining district in Urban township, Quebec, Canada, in close proximity to the Noront Resources Ltd.'s Windfall Lake project. The company has now filed a National Instrument 43-101 technical report on the property on SEDAR. The company is currently finalizing an agreement to initiate an extensive work program on the property.