Actus Minerals Corp.

December 24, 2010 15:06 ET

Actus Minerals Property Acquisition-Proposed Financings

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 24, 2010) - Actus Minerals Corp. (TSX VENTURE:AAC) (the "Company") is pleased to announce that it has entered into an option agreement with Beaufield Resources Inc., to acquire a 50% interest in 2 claim blocks comprised of a total of 141 designated claims ("CDC") covering an area of 7,918 hectares. The property, known as Casa Berardi, is located in the township of the same name, in the province of Quebec (the "Property").

Some of the CDCs are contiguous to Aurizon Mines' Casa Berardi gold mine which has been in operation for over 10 years.

Pursuant to the terms of the option agreement, and subject to regulatory acceptance, the Company can acquire a 50% interest, subject to a 2% percent net smelter return royalty ("NSR"), in the Property by expending $650,000 in exploration expenditures and issuing an aggregate of 1,200,000 shares over a three year period. The Company may at any time acquire half of the NSR, 1% for a one time payment of $1,000,000. 

The Company's initial obligation upon regulatory acceptance is to issue 300,000 common shares to Beaufield Resources Inc., and spend $100,000 in exploration expenditures on the Property in the first year. All securities issued pursuant to the option agreement will be subject to a four month hold period trading restriction.

A summer 2011 exploration program will be planned to include geological mapping, geochemistry and trenching, directed towards drill target definition.

The Company also wishes to announce that, subject to regulatory acceptance, it has negotiated two private placements. The first placement consists of the issuance of up to 1,000,000 flow-through units at $0.12 per unit. Each "Unit" consists of one flow-through common share and one non-transferable share purchase warrant exercisable to purchase an additional common share for a period of two years at a price of $0.20 per share. The gross proceeds of $120,000.00 will be spent on general exploration expenditures, which will constitute qualified Canadian exploration expenditures, as defined in the Income Tax Act (Canada) and flow-through mining expenditures on the Company's prospects in Quebec.

The second placement will consist of the issuance of up to 2,500,000 common shares of the Company at a price of $0.06 per share. Gross proceeds raised of $150,000 will be used for additional working capital for the Company.

All securities issued pursuant to both private placements will be subject to a four month hold period trading restriction.

The Company will pay a cash finders' fee of 7% of the gross proceeds, on the foregoing transactions.


Carl von Einsiedel, President

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Actus Minerals Corp.
    Investor Relations
    604-602-9640 (FAX)