said March 30that it has entered into an amended option agreement with a group led by John Lelieverregarding the optionto acquire the East Lingman Lake property located in the Kenora District in Ontario.
The propertycovers 538.3 hectares and contains 12 staked claims, and surrounds the company'sLingman Lake goldproject, acquired in 2013.
Under the agreement,Signature Resources has until Dec. 31 to exercise the option over the property.
Overdue amountsoriginally due to Leliever's group on June 30, 2014, June 30, 2015, and, if applicable,June 1 of this year, shall accrue 6% interest per year to a maximum of C$50,000.All amounts are payable upon the closing of the option exercise via the issuanceof common shares. The company anticipates the issuance of up to 14,500,000 aggregatecommon shares.
Together withSignature Resource's original four free hold patented claims and the 12 staked claims,the Lingman Lake property now comprises an aggregate 606.8 hectares.
The propertycovers the Lingman Lake Gold mine, an underground substructure, consisting of a126.5-meter shaft and three levels at depths of 46 meters, 84 meters and 122 meters.
About 40% ofthe North Zone of the mine's historic resource resides on the property.
This agreementdoes not affect Signature Resource's option agreement with Mantis Mineral Corp., now known as European Metals Corp.,dated Nov. 4, 2013.