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Sierra Iron Ore agreement for Allen interest

Mar 14, 2016

The TSX Venture Exchange has accepted for filing documentation pertaining to an option agreement dated Sept. 3, 2015, as amended on Oct. 22, 2015, between Sierra Iron Ore Corp. and Emerald Lake Development Corp. (Jerry Beaulac) pursuant to which Sierra Iron Ore has the option to acquire up to a 51-per-cent interest in the Allen property, located near Emo, Ont. To earn an initial 15-per-cent interest, the company will make cash payments totalling $2.11-million, conduct work programs totalling $1.5-million and issue 3.5 million shares. To earn up to an additional 36-per-cent interest, additional share issuances must be made which will be subject to separate exchange approval.

                 PAYMENT SCHEDULE

                            Cash       Shares        Work

Upon exchange approval    $110,000    1,000,000          nil
Within three months            nil    1,000,000          nil
Within eight months       $500,000          nil          nil
Within 12 months        $1,500,000    1,500,000          nil
Within 24 months               nil          nil   $1,500,000

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