Amarc ResourcesLtd. said July 19 that it has negotiated a new option agreement withGalore Resources Inc.covering the Galorecopper project in British Columbia.
Under the new deal, Amarc will acquire a 100% stake in the propertyby completing staged cash payments of C$550,000 to Galore and C$100,000 to the underlyingowners by January 2018.
Upon exercising the new option, the original Galore option agreementwill be terminated. The original option agreement was signed in July2014, under which Amarc was earning up to a 70% ownership interest by sponsoringexploration activities. Upon full exercise of the 70% option, Amarcand Galore were to form a 70/30 joint venture over the property.
The Galore property is divided into five claim groups, whichare subject to five underlying option agreements with the underlying owners.
Each of these agreements provide for a 1.5% net smelter returnsroyalty that may be purchased for C$250,000, and a 10% net profits interest royaltythat may be purchased for C$400,000.
In addition, Amarc has appointed Luqman Khan as CFO.
Khan brings over 20 years of professional experience in accountancyand business management.