Amended agreement on E.L. 1230
Econ Ventures Ltd EOV
Shares issued 10,703,504 Jun 3 close $0.24
Fri 5 Jun 98 News Release
Mr. Patrick Normoyle reports
Econ Ventures has amended its joint venture agreement announced in
Stockwatch on Jan. 28, 1998 with Rockwell Exploration S.A., whereby Econ
has the right to earn a 70 per cent interest in a 57,700 hectare mining
concession E.L. 1230 in the Korosameri area of Papua, New Guinea.
Econ is to pay to Rockwell $250,000 and carry out a work program of Kina
55,000 in year 1 and Kina 70,000 in year 2, subject to the right of
relinquishment at any time without further commitment.
At any time for the duration of the joint venture agreement up to the
issuance of a final feasibility study, Econ has the right to purchase an
additional 10 per cent of the property from Rockwell for $1,000,000 (U.S.),
and, has the right of first refusal to purchase Rockwell's remaining
interest in the property or joint venture in the event that Rockwell wishes
to sell such interest(s).
E.L. 1230 is on the spine of Papua, New Guinea, the mountainous range that
runs the length of P.N.G. and Irian Jaya which has one of the foremost
geological settings in the world for copper and gold. It is on trend
between Placer's world class Porgera gold mine, B.H.P.'s OK Tedi
gold/copper mine and Frieda's recent major copper/gold discovery, while
further west in Irian Jaya, Freeport MacMoran operates the world's biggest
copper/gold mine.
The company's consulting geological Neil Kinname, is to begin a phase I
exploration program on the property in June. |
