Cleghorn signs first nations exploration deal

Executive Summary

• Cleghorn Minerals Ltd. signed a milestone exploration agreement with the Matachewan First Nation and Mattagami First Nation (members of the Wabun Tribal Council) covering their traditional lands in Northeastern Ontario's Abitibi greenstone belt.
• The agreement establishes terms for consultation, impact mitigation, and financial benefits, including contracts, jobs, and training opportunities for the communities during exploration.
• As part of the agreement, Cleghorn will issue 50,000 common shares and grant incentive stock options for 50,000 shares to each First Nation, subject to TSX Venture Exchange approval.

Key Details

• Parties Involved: Cleghorn Minerals Ltd., International Prospect Ventures Ltd., and Val-D'Or Mining Corp. (collectively the "Zed Zed Group") entered into the agreement with the Matachewan First Nation and Mattagami First Nation.
• Geographic Scope: The agreement covers Cleghorn's operational areas of interest within the First Nations' traditional lands in Northeastern Ontario's Abitibi greenstone belt.
• Share Issuance: The company will issue to each of the Matachewan FN and Mattagami FN:
  • 50,000 common shares of the company.
  • Incentive stock options to acquire an additional 50,000 shares.
• Option Terms: The stock options allow for the acquisition of shares at a per-share price of six cents ($0.06) for a period of five years from issuance, in accordance with the company's incentive stock option plan and a consulting agreement.
• Conditions: The share issuances and options are subject to the approval of the TSX Venture Exchange.
• Duration: The agreement remains in effect until an Impact Benefit Agreement (IBA) has been concluded.
• Community Benefits: The agreement outlines financial benefits including contracts, jobs, and training opportunities for both current and future work programs across the property portfolio.
• Ceremony: An official signing ceremony is scheduled to be held at the Wabun Tribal Council offices in Timmins, Ontario, with details to be announced.

Notable Quotes

• "We would like to extend our sincere gratitude to Chief Batisse of the Matachewan First Nation and Chief Constant of the Mattagami First Nation, along with their respective councils, the negotiating committee led by their Mineral Development Advisors, the Wabun Tribal Council and the local community members. This milestone represents the culmination of more than five years of relationship building and dialogue between the company and the Matachewan and Mattagami First Nations, and the Wabun Tribal Council, and establishes a strong foundation for ongoing co-operation among all parties." — Glenn J. Mullan, Chief Executive Officer of Cleghorn Minerals