Medaro Mining Corp. (OTC:MEDAF) Stock In Focus After Major News
If you are currently looking into stock in the mining sector this morning, then it could be a good move to consider taking a look into Medaro Mining Corp. (OTC:MEDAF). The company came into the news cycle on Monday after it emerged that it had inked a letter of intent regarding an option for a property with Eureka Lithium Corp. As per the option agreement, Eureka would acquire 100% interest in the Lac La Motte Project from Medaro Mining Corp., as well as all the mineral claims attached to the project. The project in question is located in the Abitibi area of Quebec, Canada.
Michael Mulberry, the Chief Executive Officer of Medaro Mining, spoke about the latest development. He stated that everyone at the company was excited at the possibility of having a partner of the caliber of Eureka Lithium for the development of the Lac La Motta project.
He also revealed that Eureka Lithium was eager and committed to further development of the property. Last but not least, he also stated that the act of having roped in a strong partner was also a demonstration of the commitment of Medaro Mining Corp. to the development of potential lithium properties in Quebec.
As per the letter of intent signed between the two parties, Eureka Lithium would be provided with an exclusive 30-day dealing period. During that period, the company would be able to take care of due diligence with the ultimate aim of signing a definitive agreement following negotiations with Medaro Mining Corp.
Medaro Mining Corp. would be provided with 200,000 common shares in Eureka on the day the definitive agreement is signed. Additionally, Eureka would also have to incur exploration expenses related to the property of $500,000 in 12 months from the effective date. It remains to be seen how the market reacts to the news.
Medaro’s CEO Michael Mulberry stated, “We are excited to welcome a partner of the stature of Eureka Lithium Corp. to further develop the Lac La Motte project. I know they are committed and eager to develop the property further. Brining on a solid partner like Eureka is another way for Medaro to further its commitment of developing highly prospective Lithium properties in Quebec, and advance our stable of projects.”
