The transaction is subject to TSX-Venture Exchange review and acceptance.The Mt. Bisson Property is located 50 kilometres northwest of Mackenzie in central B.C., and covers the Wolverine Rare Earth (REE) pegmatite field within high-grade metamorphic rocks of the Omineca Belt.
The Wolverine pegmatite field is host to numerous REE bearing granitic pegmatites. Historical exploration by Chevron Minerals and others in the 1980’s discovered REE mineralization at several occurrences, including the Laura 1 and 2 and Ursa showings. Pembrook completed an airborne survey over the Property in 2006 and followed up with a ground exploration program including sampling and mapping in 2007.
The ground exploration program resulted in the discovery of a number of new REE prospects. A NI 43-101 Technical Report on the Mt. Bisson property was prepared in June 2008, and updated in November 2009.Brian Booth, president and chief executive officer of Paget comments: "We are pleased to have diversified our exploration portfolio to include the Mt. Bisson Project. Rare earth elements are of critical economic importance in "green" technological products including hybrid and electric vehicles.
Global demand continues to grow at 10 to 20% per annum and demand is expected to exceed production by 2012. China dominates world supply of REE with control of 97% of global production; however, Canada is extremely prospective for these minerals."As consideration for the acquisition of a 100% ownership of the Property, Paget has agreed to issue 1,875,000 common shares to Pembrook within ten days of receiving TSX Venture Exchange approval to the letter agreement; these shares may be subject to escrow restrictions imposed by the TSX Venture Exchange.
In addition, the Property shall be subject to a 2% net smelter returns royalty (NSR) in favour of Pembrook. Paget shall be entitled to purchase, at any time, one half of the NSR by paying Pembrook the sum of $1,000,000.Mean values and ranges for Total REE, Light REE, Heavy REE and Yttrium in Rare-Earth Pegmatites of the Wolverine field.
Paget Minerals Corp.Paget Minerals Corp. is a British Columbia company focused on mineral exploration and the development of a diverse range of precious metals, base metals and rare earth elements in the Cordillera of British Columbia and the Canadian Shield in Eastern Canada.