Canadian Bearclaw Capital has entered into an option agreement with Copper Mountain Mining to acquire up to a 75% undivided interest in and to 25 mineral claims (4,983h) located in British Columbia, Canada.

The Axe property is located in the Similkameen mining division, 20km north of Princeton, British Columbia.

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Weststar and Bearclaw currently hold the property as a joint venture (JV), in which the parties hold 70% and 30% interests, respectively.

"Copper Mountain also has to incur a minimum of $100,000 every year."

Under the terms of the agreement, Copper Mountain will incur $3,000,000 of expenditures in exploration activities on the Axe property by the end of the five year earn-in period and has the option to earn a 51% interest in it.

Copper Mountain also has to incur a minimum of $100,000 every year and pay to the company and Weststar: $30,000 on the first anniversary of the commencement date.

The company will pay $50,000, $100,000, $150,000 and $200,000 on the succeeding anniversaries of the contract start date.

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A JV will be formed between Copper Mountain, Bearclaw and Weststar once Copper Mountain exercises the option, with the company holding a 51% participating interest, and the company and Westar holding 14.7% and 34.3% participating interests, respectively.

Upon exercise of the option, Copper Mountain can acquire an additional 24% undivided interest in the property, thus increasing the stake to 75%, by either completing a feasibility study on the property or incurring no less than $12,000,000 in expenditures on the property.

Bearclaw Capital engages in the acquisition, exploration, development, and production of mineral properties in Canada.

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