SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Jim Bishop who started this subject9/8/2003 11:40:52 AM
From: Veteran98   of 150070
 
SCVWF--SECUREVIEW TO OPTION LAS CARACHAS PROPERTY FROM TNR RESOURCES LTD.

TNR Gold has signed a letter of intent with Secureview Systems to enter into a formal agreement by which Secureview will acquire an option to purchase a 50-per-cent working interest in TNR's Las Carachas property in Argentina.

The Las Carachas property consists of 10,000 acres located in the Andes mountain range in the northern portion of the San Juan province of Argentina. The property is an accessible (by road) project in the heart of the Maragunga belt. Detailed sampling has identified strongly anomalous gold, silver, lead, zinc and copper values. Three distinct exploration targets have been identified: high-grade polymetallic fissure veins, volcanic hosted disseminated mineralization and a porphyry copper/gold system. Further drill target definition and drilling is contemplated.

According to the letter, in order to earn the interest in Las Carachas Secureview shall:

1. make expenditures on the exploration and/or development of the property in the amount of $1-million (U.S.) over the four-year period following the execution of a formal agreement. A minimum expenditure of $100,000 (U.S.) during each year shall be made by Secureview, with Secureview guaranteeing to spend the first year's minimum expenditure; and

2. issue to TNR a total of 50,000 common shares upon signing the formal agreement and then annually thereafter, commencing on the first anniversary of the execution of the formal agreement and continuing for so long as Secureview is in the process of earning its interest under the formal agreement.

Upon earning the interest, TNR and Secureview will be deemed to have entered into an unincorporated joint venture for the further exploration and development of the property. TNR will act as operator. Either party may elect to take dilution of its interest instead of participation. The formula will be a straight-line dilution on a base of $2-million (U.S.) with a party's interest diluted to 10-per-cent reverting to a 5-per-cent net profits interest. TNR shall provide the necessary management for the project during the period the formal agreement is in effect.

This letter of intent exemplifies TNR's program of aggressively seeking joint venture partners to finance exploration on prospective assets in its sizable project portfolio.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News