Greenlight Resources Inc. reported that the company has signed a letter of intent to acquire interests in a mine in Canada that is prospective for rare earth and other metals.
Greenlight Resources Inc. is purchasing up to a 100% undivided ownership interest in the Porcupine-Upper Miramichi Rare Earth Property located near Newcastle, New Brunswick.
Greenlight Resources Inc. is required to pay $6,000 at the closing of the formal agreement, and issue common shares worth an additional $6,000. The company must also pay $110,000 over the next five years to the sellers and invest a minimum of $120,000 over that time to develop the properties.
The Porcupine-Upper Miramichi Rare Earth Property is composed of 86 claims in three separate blocks. Greenlight Resources Inc. will conduct an exploration program targeting rare earth metals in the southern claim area. The company said that geochemical surveys indicated the presence of several rare earth elements, including Samarium, Dysprosium, Neodymium and Ytterbium.
Greenlight Resources Inc. is also conducting an exploration program at the northern claim area of the project site. The company said that a previous owner of the property acquired several hundred soil, stream and sediment samples and found deposits of gold, silver and several base metals including copper and zinc.
For more information on the company, go to www.greenlightresources.ca
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