Alliance Mining Corp. said Feb. 15 that it agreed to buy the net smelter rights on the Cupp, Axe-Fraction and Cupp Fraction claim blocks, part of the Red Rice Lake gold property in Manitoba, from Sutherland Minerals Ltd.
The company will pay C$10,000 in common shares, based on a price of 5 Canadian cents apiece. Alliance agreed to pay a further C$50,000 for any future payments or past debts owed to Sutherland by Tiberius Gold Corp., with the payment to be made by March 2.
Alliance holds an option to acquire the Red Rice Lake property from Tiberius. The company also recently acquired NSR on several claim blocks at Red Rice Lake.