NEWS just out ON TOPIC today : Well so was the other:
Consolidated Jaba Inc - Property Agreement
Cons Jaba acquires options in Coronation and Otish
Consolidated Jaba Inc JBA
Shares issued 7,058,658 Feb 14 2002 close $.160
Thursday Feb 14 2002 Property Agreement
The Canadian Venture Exchange has accepted for filing documentation in connection with the following:
1. A letter agreement dated Jan. 16, 2002, between the company and Hunter Exploration Group (Lawrence Barry, John Robins and Adam Vary) whereby the company has been granted an option to acquire up to a 70-per-cent interest in approximately 100,000 acres of mineral claims in the Coronation diamond play located in the Kikerk Lake area, Nunavut. Consideration is the issuance of 400,000 shares (in stages on or before March 1, 2004), and to complete work commitments in the total amount of $1-million (in stages on or before March 1, 2006).
Upon completing the $1-million in expenditures, the company will have a one-time right to spend an additional $1-million to acquire an additional 10-per-cent interest. After completion of $3-million in expenditures, Hunter would have a 20-per-cent participating interest.
The claims are subject to a 2-per-cent net smelter return royalty and a 2-per-cent gross overriding royalty reserved unto Hunter. Commencing March 1, 2003, the claims are subject to a $25,000 annual advanced royalty payment. The 2-per-cent net smelter return royalty is payable to Hunter. The 2-per-cent gross overriding royalty will be payable to Hunter.
2. Letter agreements dated Jan. 23, 2002, and Jan. 31, 2002, between the company and Hunter whereby the company has agreed to purchase a 100-per-cent interest in two 10,000-acre blocks of mineral claims in the Otish mountain area of Quebec. Consideration is $15,000 and 100,000 shares for each property ($30,000 and 200,000 shares in total).
The interest to be acquired in each property is subject to a 2-per-cent net smelter return royalty and a 2-per-cent gross overriding royalty reserved unto Hunter.
(c) Copyright 2002 Canjex Publishing Ltd. canada-stockwatch.com
old url (better for printing)
Chucka DISCOVER |
