03:51 PM EST - Firesteel Resources Inc. : announced that it has entered into a binding letter of intent or LOI with Lions Gate Metals Inc. to grant Lions Gate a four year option to acquire a 75% interest in the Company's 6,891 hectare ROK-Coyote copper-gold mineral property. Under the terms of the LOI, Lions Gate will be granted an Option to acquire a 75% interest in the property for an aggregate consideration of $3.6 million consisting of an aggregate of 650,000 shares, an aggregate of $496,000 in cash payments and an aggregate work commitment of $2.3 million, all over a period of four years. During the Option Period, Lions Gate will be the operator of the Property, the company said. Firesteel Resources Inc.
shares V.FTR are trading down $0.02 at $0.11.
