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Jaxon to acquire Foremore gold-silver property

Jaxon Minerals Inc. said May 31 that it signed a binding letter of intent to acquire the 15,531.8-hectare Foremore gold-silver property located adjacent to the company's Wishbone property in British Columbia.

Consideration involves the aggregate payment of C$700,000 and 2,550,000 shares to the vendor over five years, including C$5,000 upon signing and C$45,000 and 350,000 shares upon approval from the TSX Venture Exchange.

An additional C$2.5 million cash and 2.5 million shares are payable to the vendor on commencement of commercial production.

Jaxon has a 60-day period to conduct due diligence. The company said previous operator Roca Mines Inc. intersected bonanza samples of 3,240.9 g/t of gold and 82,514 g/t of silver.