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Roughrider inks option to acquire 80% stake in base metals, gold properties

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Roughrider inks option to acquire 80% stake in base metals, gold properties

Roughrider Exploration Ltd. said June 7 that it signed options to acquire an 80% interest in the Brownell Lake base metals project and the Olsen gold project in Saskatchewan from Eagle Plains Resources Ltd.

The company can acquire an 80% stake in both properties by paying C$2.5 million and spending C$7 million for exploration on each over four years. Eagle Plains will retain a 2% net smelter returns royalty over each property.

Meanwhile, Roughrider will undertake a 1-for-5 share consolidation, reducing its current 47,082,757 shares to approximately 9,416,551 shares.