Great American Energy Inc. announced that on June 13, 2012, the company entered into the Mineral Property Option Agreement with GeoXplor Corporation. Pursuant to the Option Agreement, GeoXplor has granted the company the exclusive right to acquire a 100% interest in and to 48 unpatented mining claims comprising approximately 7,680 acres of property located in and around Esmeralda County, Nevada. To exercise the Option, the company must make cash payments to GeoXplor totaling $575,000 and fund improvement and mineral exploration projects on the property totaling $8,000,000. The company must satisfy the above-described conditions and exercise the Option no later than July 1, 2015. After exercise of the Option, GeoXplor will be granted a 3% net smelter royalty for any and all minerals mined and delivered from the property.