A letter of intent allowing Madeleine Mines (TSE) to acquire the remaining 50% interest in the Lac des Iles palladium-platinum project from the Sheridan Platinum Group has been terminated. The Sheridan Platinum Group is 90% owned by Boston Bay Mines (CDN) which is in turn 40% owned by Belleterre Quebec Mines (CDN).
As part of the proposed transaction, shareholders of Boston Bay and Belleterre would have been able to exchange their shares for direct ownership in a new holding company called Lac des Iles Platinum Group Metals. The new company would have owned 100% of the Lac des Iles project.
Madeleine President Dale McDoulett says that the company is still interested in consolidating all the interests in the Lac des Iles project, but the primary objective is to bring the property into production.
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