International Lithium Corp.(TSXV:ILC) announced optioning out its Blackstairs project in Ireland. The Company entered into a Letter of Intent with GFL International Co.Ltd.
As quoted in the press release:
Under the terms of the LOI GFL will earn a 75% interest in the Blackstairs project by:
- Producing a bankable feasibility study within ten years of entering into the venture,
- Incurring a minimum of $150,000 in exploration expenditures per year, and
- Making $500,000 in cash payments to ILC over a three year period, $100,000 upon signing of a final agreement, $100,000 on the first anniversary and $300,000 on the second anniversary.