Waterloo Resources Ltd. (TSX VENTURE:WAT) and Eagle Plains Resources (TSX VENTURE:EPL) announced that they have completed a $225,000 exploration program on the Ice River property. This site is located 30 kilometers southeast of Golden, British Columbia.
The press release is quoted as saying:
Waterloo may earn a 60% interest in the property by making exploration expenditures of $3,000,000 and completing payments of 750,000 shares (on a post sub-divided basis – see also the Waterloo news release dated September 11, 2008) and $510,000 cash over a five year period. A 1% NSR is reserved for Eagle Plains. Waterloo may increase its interest in the property to 75% by delivering a bankable feasibility study by 2016.
