Buckingham Exploration Inc. announce that it has optioned the Lady Ermalina Chemainus Claims on Vancouver Island. The option calls for an immediate payment of cash and shares and staged payments in future years. Specifically, Buckingham agreed to issue an aggregate of 600,000 shares of common stock of the company and to pay an aggregate of $5,000 in cash in consideration for the grant of the sole and exclusive right and option to acquire a one hundred percent undivided interest in the claims. In addition, Buckingham has to incur not less than $600,000 in expenditures on exploration and development of the property before January 6, 2012.
These claims cover 550 hectares of ground on a NW trending section of the Sicker formation (a strong exploration target for VMS Copper/Lead/Zinc deposits). The property is easily accessible by logging roads for a drill program and has a major power line traversing the project.
Buckingham is further pleased to announce that it has finalized the sale of its two Colorado subsidiaries to Regal Uranium Inc. for $550,000 and repaid the $500,000 debenture secured by these properties.
The company continues to maintain its office and coordinate its operations from its head office in Canon City, Colorado and is actively looking to acquire further properties and additional funding for these projects. Please visit Buckingham’s website at www.buckinghamexploration.com to view updated information with regards to the company’s activities