Amseco Exploration Ltd (TSXV:AEL) entered into a letter agreement to acquire Brosnor gold property from Upper Canyon Minerals Corp (TSXV:UCM) for CAD 0.57 million in cash and stock on November 3, 2012. Under the terms of agreement, Upper Canyon will be paid CAD 0.15 million over six months and receive 1 million shares of Amseco upon TSX Venture Exchange approval of the planned transaction. Amseco will also assume the Upper Canyon's debt of CAD 0.38 million owed to Forage Dibar drilling company of Quebec.