Otterburn Ventures Inc.

Otterburn Ventures Inc.

April 18, 2008 14:57 ET

Otterburn Ventures Inc.: Suskwa Option Agreement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 28, 2008) - Otterburn Ventures Inc. (CNQ:OTBN) -

On March 26, 2008, the Company obtained an assignment of the Suskwa Option Agreement to acquire a 100% interest in two mineral claims called the Suskwa Mineral Claims, located in the Omineca Mining Division, BC. The Assignor, Canew Development Ltd. (owned by James Newton of North Vancouver, BC) will receive $50,000 and 100,000 shares from the Company.

The Suskwa Option Agreement requires the payment of $125,000 and the issue of 400,000 shares to Christopher Ian Warren (the "Optionor") over a period of four years. Mr. Warren retains a 2% net smelter return ("Royalty"). Exploration expenditures of $500,000 are required.

Date Cash Shares Expenditures
Year 1 $15,000 100,000 $125,000
Year 2 $20,000 100,000 $125,000
Year 3 $40,000 100,000 $125,000
Year 4 $50,000 100,000 $125,000

Royalty: The Optionor will receive an advance royalty of $20,000, commencing in the fifth year of the Suskwa Option Agreement. The advance royalties will be credited to the Royalty due on commencement of Commercial Production. Within 15 business days after the commencement of Commercial Production, the Company shall issue 200,000 Shares to the Optionor. One-half of the Royalty (1.0%) may be purchased at any time for $1,000,000. The remaining 1% of the Royalty may be purchased at any time for $1,000,000, for an aggregate purchase price of $2,000,000.

Otterburn Ventures Inc.

Robert Cairns, President and Chief Executive Officer

The CNQ has not reviewed this and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Otterburn Ventures Inc.
    Robert Cairns
    President and Chief Executive Officer
    (604) 688-9588
    (604) 909-1163 (FAX)