Pacific North WestCapital Corp. said May 9 that it entered into an option agreement toacquire 100% of the Clayton Valley Fork lithium project in Nevada from 60%-ownerThomas Evans and 40%-owner Robert Weicker.
Clayton Valley Forks consists of 73 claims for a total of about583 hectares.
Under the deal, the company will issue up to 400,000 of its sharesin 10 days and another 400,000 shares by the first anniversary date.
Pacific North West agreed to cover recording fees up to a maximumof US$25,000, US$15,000 after regulatory approval and US$15,000 90 days after saidapproval.
The optionors retain a 2% net smelter return royalty if the companybegins commercial production, which the company may repurchase at any time for US$1.0million.
"We look forward to developing and implementing an aggressiveexploration and development program on this strategic project," said CEO andChairman Harry Barr.