The Letourneur Gold Project, Quebec
Pursuant to an option agreement dated April 20, 2010, the Company was granted an option to acquire an undivided 75% interest in the Letourneur gold property by making cash payments in the amount of $35,000 (paid) to the vendor and by spending $250,000 (incurred) on the property over two years. The Company had the right of first refusal to meet any offer on the remaining 25% interest. The original agreement consisted of mineral claims covering approximately 658 hectares located in the Abitibi greenstone belt in northwestern Quebec. Additional claims or approximately 2,546.49 hectares contiguous to the Property were staked during the years ended October 31, 2010 and 2011 and were subject to the terms of the Option Agreement. On September 8, 2011, the Company acquired the remaining 25% interest in the Letourneur gold project in consideration for granting the vendor a net smelter royalty (“NSR”) of 2%. The Company was given the right to repurchase up to half (1%) of the NSR for $1,000,000.
During the year ended October 31, 2014, the Company allowed certain claims to lapse and recognized $845,976 for the impairment of its mineral property.
The Company will conduct a comprehensive review of the land package and update the exploration work completed, with a view of moving the project forward by seeking a Joint venture partner.
Gerlach Nevada Lithium Brine
The Letourneur Gold
Medical Marijuana & Industrial Hemp
The Tule Valley Lithium Exploration
Jag Bal, President & CEO
Umbral Energy Corp.
929 Mainland St.
Vancouver, BC V6B 1S3
Umbral Energy Corp. is a resource exploration company, management will continue to review opportunities to increase shareholder value.
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