Eagle Plains sells Manson Bay South to SKRR Exploration

Eagle Plains Resources (EPL.V) has signed an agreement with SKRR Exploration (SKRR.V) whereby the latter will acquire full ownership of the Manson Bay South claims in Saskatchewan. With this move, SKRR continues to consolidate its position as one of the most aggressive exploration companies in the Trans Hudson Corridor as the company previously dealt with Taiga Gold (TGC.C) which was spun out off Eagle Plains.

The Manson Bay South property surrounds the much smaller Manson Bay project and has several mineral showings that indicate why SKRR is so interested in the property. In its press release, Eagle Plains mentions the three most important showings:

Eagle Plains will receive C$10,000 in cash and 750,000 shares of SKRR Exploration (which is currently trading at C$0.48/share, resulting in a value of C$0.36M for the payment in shares). Eagle Plains will also receive a 2% Net Smelter Royalty, of which half can be repurchased by SKRR for a C$1M cash payment.

Disclosure: The author has no position in Eagle Plains. Eagle Plains is not a sponsor of the website, but Taiga Gold, a related company is.