Ojibway reaches option agreements

Agreements with two companies have been concluded by Ojibway Resources on two of its properties in northwestern Quebec.

Canhorn Mining has agreed to acquire a 50% interest in property in Glandelet Twp. by performing $350,000 in exploration work over two years; $175,000 must be spent during the first 12 months.

If Canhorn decides to complete the work during the second year, it must pay Ojibway $25,000 in cash or common shares. The property would subsequently be the subject of a profit-sharing agreement between the two companies.

And, Mines d’Or Perron has agreed to acquire 50% of property in Chaste Twp — the site is enclosed within the eastern part of the Sleeping Giant property — by spending $1 million over 18 months.

Perron must pay Ojibway $25,000 by May 5, 1988, to maintain its option. The two companies would subsequently be governed by a profit-sharing agreement concerning this property.

Both property option agreements are subject to regulatory approval.