Goldstar Minerals Inc. Announces Executive Changes; Enters into Mineral Option and Sale Agreement with Charles Morrissy
The company also announced that it has entered into a mineral option and sale agreement with Charles Morrissy with respect to a 46 claim exploration property covering an area of 9.5 km(2), located within Prince William Parish of York County in New Brunswick at approximately 40 km west of Fredericton and adjacent to the north to the past producing Lake George antimony mine. The agreement provides for the payment of $25,000 at closing and the issue of 100,000 treasury shares. In addition, the company shall pay Morrissy $100,000 on each anniversary date of the closing up to the fifth anniversary in order to acquire a 90% interest in the property. An interest of 95% can be achieved by a further payment of $1,000,000, and 100% by an additional payment of $2,000,000. The company shall also pay $25,000 to Mr. Morrissy every year for a period of five years as an advance on the $1,000,000 payment referred to in the previous sentence.