Larder expands Ontario exploration portfolio

A letter of intent with Explorers Alliance sets the stage for International Larder Minerals (LRDR-C) to expand its exploration portfolio in Ontario.

Larder plans to acquire all the share capital of Explorers Alliance (EA) through a one-for-one share exchange. In return for 15 million of its shares, Larder will acquire EAC and a sizable land package in the Timmins mining camp of Ontario.

EC currently holds 79 mining properties (containing 425 claims) in the townships of Byers, Cote, Godfrey, Jamieson, Macdiarmid, Murphy, Reid and Robb. In addition, EC has rights to acquire interests in 236 claim units in these and other townships.

In related news, EC recently signed a letter of intent to acquire a 50% interest in various properties in the region held by Falconbridge (FL-T).

This land package includes 742 mining properties, comprising 864 claim units, along with options or a right to acquire the whole of or interests in another 254 claim units.

The Falconbridge agreement requires an expenditure of $7.25 million to acquire an equal interest in the properties.

These transactions are still subject to definitive agreements, as well as board approvals. Once completed, Larder will have 75.1 million shares outstanding.