Pacton Gold Inc. said Feb. 26 that it signed a letter of intent to acquire CTTR Gold Pty. Ltd., which holds nine gold-prospective tenement licenses covering 492 square kilometers in Western Australia's Pilbara region, from The Ridge Street Trust.

The company is paying C$150,000 and issuing 1,333,332 shares and 666,666 warrants upon meeting certain milestones, including the grant of exploration licenses for at least six of the nine tenements, applications for which are pending.