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Genius Properties buys 9 gold exploration properties in Nova Scotia

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Genius Properties buys 9 gold exploration properties in Nova Scotia

Genius PropertiesLtd. said May 10 that it acquired a 100% interest in nine gold explorationproperties in Nova Scotia from two arm's-length prospectors associated with 21AlphaGold Resources.

Initially, the company will focus on the Blockhouse and the DaresLake properties, both in Lunenburg County.

The company issued 5.0 million shares to the vendors, and a 1.5%net smelter returns royalty on the properties. Genius can buy back two-thirds ofthe royalty for C$1.0 million.

The vendors will also receive staged payments of 500,000 shareseach time Genius incurs an aggregate of C$1.0 million in work costs on the properties,subject to a maximum of 2.5 million shares, and 2.5 million additional shares ifthe company completes a feasibility study.

Genius also amended the acquisitionterms for the Dissimieux Laketitanium-phosphate-rare earth elements property with Jourdan Resources Inc., increasing the C$100,000 paymentto C$180,000, to be made within 90 days.