GSP Resource Corp. said Jan. 8 that it inked a letter of intent to acquire the Alwin copper-gold-silver project, which includes the past-producing Alwin copper mine in British Columbia, from vendors Richard John Billingsley and S. Gaye Richards.
The acquisition costs C$250,000 in cash, 4.5 million common shares, and a 1.8% royalty. GSP has the option to repurchase 0.8% of the royalty for C$1.5 million.
The acquisition includes the vendor's right, title and interest in and to the mineral claims on the project.
GSP believes the Alwin project will complement its existing Olivine Mountain copper project, also in British Columbia.