11:32 AM EST - Abitibi Royalties Inc. : announced that it has entered into a binding Letter of Intent with Ivars Azis to acquire a 2% net smelter royalty ("NSR") on its mineral claims, located approximately 3.5 kilometres east of Metanor Resources Inc., Bachelor mine in Québec. The mineral claims consist of 280 hectares. In exchange for the 2% NSR, Abitibi Royalties will pay the annual claim fees due in 2017 that is expected to total approximately Cdn$6,500. There is a mutual 3 year option between the Company and the Claim Holder for Abitibi Royalties to pay an amount equal to the annual claim maintenance fees required to maintain the mineral claims in good standing, in consideration for which the 2% NSR will increase by 1% for each annual payment made on behalf of the Claim Holder. Abitibi Royalties Inc.
shares V.RZZ are trading unchanged at $2.99.
