- Landore Resources has entered into an option agreement with Ardiden to sell the Root Lake lithium property in north-western Ontario, Canada. The option agreement provides that Ardiden can purchase Landore's interest in Root Lake on the following terms: - a non-refundable deposit of CD50,000 payable to Landore upon the date of execution of the option agreement;

and if the Option is exercised:

- CD150,000 cash payable by Ardiden to Landore on the Completion Date; and

- CD150,000 of ordinary shares of the Optionee, such ordinary shares to be: (i) issued by Ardiden to Landore on the Completion Date, and (ii) issued at the 20-day VWAP (such VWAP to be calculated in accordance with the rules of the Australian Securities Exchange, the "ASX", excluding block trades) of Ardiden's ordinary shares; and

- The granting to Landore of a 3% net smelter royalty from minerals produced from the Root Lake property, to be effective at the Completion Date which will be evidenced by a customary royalty agreement. The Royalty Agreement shall include the right for Ardiden to purchase 50% of the Royalty (i.e. half of the 3%) from Landore for a payment of CD1,000,000.00. The completion date shall be the earlier of a) 20 business days after the completion of the due diligence period (150 days from the signing date of the option agreement); or b) 31 July 2016.

Story provided by