Vancouver's North American Gem Inc. (TSX-V:NAG) has signed an option agreement with Burnaby's Geo Minerals Ltd. (TSX-V:GM) to work together on North American's Whiskey Cap uranium project in southern Alberta.
Under the agreement, Geo Minerals will pay $25,000 and transfer 300,000 Geo Mineral shares to North American over three years. Geo Minerals must also spend at least $800,000 in exploration funds on the Whiskey Cap project over three years.
The deal will see Geo Minerals earn a 40% interest in the Whiskey Cap project. North American Gem will have a 40% interest, and Vancouver-headquartered International Ranger Corp. will own the remaining 20%.
North American's share price range during the past week: between $0.09 and $0.10; 52-week high: $0.25; 52-week low: $0.09.