09:46 AM EST - Yankee Hat Minerals Ltd. : said that it has entered into a letter of intent with Eagle Hill Exploration Corp., under which Eagle Hill will be entitled to earn up to a 100-per-cent interest in the Fran Property, upon execution of a definitive agreement. This Transaction is structured in a way that the Yankee Hat shareholders may benefit by having Eagle Hill incur expenditures on exploration work that is focused on proving any potential resources on the Fran Property. If the Fran Property proves to hold a significant resource, the value of Yankee Hat's asset will increase and the company will benefit by either a direct payment from Eagle Hill or maintaining an interest in a proven resource property. Under the terms of the LOI, Eagle Hill will be granted the exclusive option to earn up to a 51-per-cent interest in the Fran Property. Furthermore, the company will grant Eagle Hill up to a 90-per-cent in the Fran Property. The remaining 10-per-cent interest in the Fran Property may be purchased by Eagle Hill from the company for $5 million, leaving the company with a two-per-cent Net Smelter Royalty. Yankee Hat Minerals Ltd.
shares V.KHT are trading even at $0.05.
