Rockland Minerals Corp. (TSXV:RL) and La Fosse Platinum Group Inc. announced that they have amended work commitment and payment terms for the Blue Lake CuNi-PGM property in Quebec. The work commitment amended terms have reduced annual work commitment amounts by adding another year to the agreement. The amount of cash the Company is required to pay in the short term is reduced by the amended payment terms.
As quoted in the press release:
Under the amended option agreement, the Company can acquire a 55% interest in the Property over a 5 year period by making cash payments totaling $350,000 and issuing an aggregate of 5.5 million common shares and by spending $4.5 million in exploration on the property.