The Straw Lake Gold Mine Property, 100% owned by Shotgun Exploration has been optioned by Mineral Mountain Resources (TSX-V "MMV"). Mineral Mountain Resources can earn a 75% interest in the property over 6 years by expending $9,750,000, paying $1,300,000 cash and issuing 5 million common shares.

Mineral Mountain Resources is led by Nelson Baker, former CEO of Rainy River Resources. The technical team includes CJ Baker and Wally Rayner, also from Rainy River Resources.

The Straw Lake Property consists of 200 acres of patended land which houses the former producing Straw Lake Beach Gold Mine. The Straw Lake Property includes over 4,000 acres of surrounding claimed land.

Shotgun Exploration is very pleased to be working with the proven mine building team at Mineral Mountain Resources. The former success at Rainy River Resources will be carried through to Straw Lake.

          First Option: MMV shall have the right to earn a 60% undivided interest in the  property which comprise a total of 4  patented and 15 unpatented mineral claims that are 100%-owned by Shotgun Exploration:

o        Expenditures- incurring $CDN 4,750,000 on the “Straw Lake Gold Mine Property” in the following increments:

§         A firm commitment to expend $CDN 750,000 before the first anniversary date;

§         A further $CDN 1,000,000 before the second anniversary date of the Agreement;

§         A further $CDN 1,500,000 before the third anniversary date of the Agreement;

§         A further $CDN 1,500,000 before the fourth anniversary date of the Agreement.

o        Payments: -an aggregate of $CDN 550,000 in cash payments as follows:

§         $CDN 250,000 on approval by the TSX Exchange

§         $CDN 100,000 on the first anniversary of the Agreement;

§         $CDN 100,000 on the second anniversary of the Agreement;

§         $CDN 100,000 on the third anniversary of the Agreement.

o         Share Issuances- a total of 2,500,000 common shares of Mineral Mountain

§         250,000 common shares on approval of this LOI by the TSX Exchange;

§         500,000 common shares of Mineral Mountain on the first anniversary of the Agreement;

§         750,000 common shares of Mineral Mountain on the second anniversary of the Agreement;

                                                $         1,000,000 common shares of Mineral Mountain on the third anniversary of the Agreement.

·         After the completion of First Option, MMV shall have the right as a Second Option to earn an additional 15% participating interest in the Straw Lake Gold Mine Property by incurring exploration expenditures, making cash payments, and issuing common shares in Mineral Mountain over a subsequent two-year period as per the following schedule:

o        Expenditures- incurring $CDN 5,000,000 on the “Straw Lake Mine Property” in the following increments:

§         A firm commitment to expend $CDN 2,500,000 before the fifth anniversary date;

§         A further $CDN 2,500,000 before the sixth anniversary date of the Agreement;

o        Payments: (An aggregate of $CDN 750,000 in cash payments)

§         $CDN 250,000 on the fourth anniversary of the Agreement;

§         $CDN 250,000 on the fifth anniversary of the Agreement;

§         $CDN 250,000 on the sixth anniversary of the Agreement;

o        Share Issuances:(Aggregate of 2,500,000 million common shares of Mineral Mountain)

§         1,250,000 common shares of Mineral Mountain on the fourth anniversary date of the Agreement;

§         1,250,000 common shares of Mineral Mountain on the fifth anniversary date of the Agreement.

If the above First Option and Second Option commitments are completed by Mineral Mountain whereby it has expended a total of $CDN 9,750,000, made payments totalling $CDN 1,300,000 and issued a total of 5,000,000 million common shares, then Mineral Mountain will have earned an individual 75% participating interest in the Straw Lake Gold Mine Project with Shotgun retaining a 25% participating interest. 

After the completion of the Second Option, a Joint Venture will be formed consisting of a Management Committee comprised of three (3) members of MMV and one (1) member of Shotgun. If a party’s interest is diluted below a 10% participating interest, then such party’s interest is converted to a 3% (three percent) NSR (net smelter return) with 1% buy-back at $1 Million.

 Mineral Mountain Resources Ltd. has a strong, experienced management and a seasoned technical exploration team with a successful track record of discovering and defining “hidden” gold and base metal deposits. Wally Rayner, the VP of Exploration and C.J. Baker, the Company’s regional exploration geologist and Nelson Baker, former President and CEO of Rainy River Resources Ltd. played an important role in the multi-million ounce gold discovery in Richardson Township, northwest of Emo, Ontario. In addition to relying on over 200 years of exploration experience MMR believe that by being well funded and by employing modern state of the art techniques, especially where till cover may be extensive, as at Straw Lake, they increase their chances to achieve success! Complimenting Mineral Mountain’s experienced management and technical team is their unique ability to raise substantial funds necessary to properly explore large scale projects like the “Straw Lake Gold Mine Property”. 

Based on a number of field visits by the Mineral Mountain technical team, they believe the Straw Lake Gold Mine Property could host a commercial gold deposit.