Anglo to option Goldbrook’s Raglan properties

Vancouver Anglo American Exploration has struck a deal to earn up to a 70% interest in two of Goldbrook Ventures’ (GBK-V) properties in the Raglan nickel, copper and platinum belt of northern Quebec. Goldbrook, with interests in some 623,000 acres in four main areas including the Wakeham, and Ungava properties, currently controls about 40% of the Raglan camp.

The companies’ detailed memorandum of understanding pertains to the Belanger and Nuvilik properties and will be formalized through a definitive agreement.

Anglo can earn an initial 51% interest in these properties by spending at least $20 million in exploration over four years. Anglo will spend $5 million in the first year.

By completing a feasibility study, Anglo can earn another 19% interest. As long as it maintains a 50% interest, Anglo will be the operator.

Anglo has agreed to subscribe for $1 million worth of Goldbrook’s shares at either a 20% premium to the average closing price twenty trading days before the definitive agreement or 55 cents, whichever is higher.

The deal also gives Anglo the right of first refusal on the 474,000 acres that comprise Goldbrook’s Wakeham and Ungava properties in the eastern part of the Raglan district.