Nevada EnergyMetals Inc. said July 15 that it has entered into a non-arms'length option agreement with Wildcat Exploration Ltd. pursuant to which the lattercan acquire a 100% interest in 348 lithium prospective claims in Dixie Valley,Nevada.
Under the terms, Wildcat is required to issue 4 millioncommon shares to Nevada Energy and pay about US$1.3 million, over a 36-monthoption period.
Wildcat is also required to make a US$20,000 nonrefundabledeposit on signing, and pay a further US$180,000 and issue 2 million sharesupon exchange approval.
The claims are subject to a 3% net smelter returns royalty.
The optioned placer claims are spread over approximately2,817 hectares and cover a significant portion of the Humboldt salt marsh playa.
Nevada Energy recently staked the Humboldt salt marsh playa lithiumprospect for C$370,000.