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On April 11, 2005, Equitable Mining Corp. ("Equitable") completed an
agreement with 1544230 Ontario Inc., in which Equitable has an option to
acquire a 100% interest in a mining property subject to a 1.5% Net Smelter
Royalty ("NSR"), by completing a schedule of payments totaling $160,000
and issuing 3,000,000 shares of Equitable over a three year period.
Equitable can also buy 50% of the NSR for $1,000,000
This mining property is referred to as the "Bonanza Property" and is
located
in the prolific Red Lake mining camp in northwestern Ontario; over 25
million
ounces of gold have been produced from the Red Lake district since mining
commenced in 1930. The property is located in Dome Township, 1 to 3 km
north of the town of Red Lake. The property consists of twelve unpatented
claims and 2 patented claims (KRL 11325 and KRL 11442), with a total area
of approximately 355 hectares. The claims are all held in good standing by
Perry English (1544230 Ontario Inc.).
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