Jetcom Inc.
CNSX : JTM

Jetcom Inc.

May 18, 2011 12:21 ET

Jetcom Enters Into Option Agreement to Acquire St. Simeon Uranium Property

TORONTO, ONTARIO--(Marketwire - May 18, 2011) - Jetcom Inc. (the "Company" or "Jetcom") (CNSX:JTM) is pleased to announce it has entered into an option agreement to acquire 38 claims comprising the "St. Simeon Property" (the "Property").

The Property is located in the Grenville Province of the Canadian Shield. The Property is situated just north of the St. Lawrence River near Route 170, a major artery connecting Chicoutimi (Saguenay) to St-Siméon. The Company had previously sought to purchase these and other claims in the same region in 2008, but was unable to complete the transaction at that time.

A technical report (NI43-101) dated May 2008 prepared for the Company by Michel Boily, PhD, P. Geo, a "Qualified Person" as such term is defined by National Instrument 43-101, with respect to this property has been filed on SEDAR.

The purchase price and work commitments required to maintain the Issuer's rights are:
Cash compensation:
(a) $5,000 deposit
(b) $30,000 upon regulatory approval (within 30 days of approval) to maintain rights
(c) $45,000 - 12 months from date of regulatory approval to maintain rights
(d) $70,000 - 24 months from date of regulatory approval to maintain rights
(e) $100,000 – 36 months from date of regulatory approval to maintain rights
Stock compensation:
(a) 1,000,000 common shares upon regulatory approval (within 30 days of approval) to maintain rights
(b) 1,000,000 common shares - 12 months from date of regulatory approval to maintain rights
(c) 1,000,000 common shares - 24 months from date of regulatory approval to maintain rights
(d) 1,000,000 common shares – 36 months from date of regulatory approval to maintain rights
Work commitment:
(a) $76,000 - Year one following regulatory approval to maintain rights
(b) $114,000 – Year two following regulatory approval to maintain rights
(c) $154,000 – Year three following regulatory approval to maintain rights
(d) $190,000 – Year four following regulatory approval to maintain rights

Neither the Canadian National Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Jetcom Inc.
    A. G. Dragone
    President
    (416) 447-4884
    (416) 447-8868 (FAX)