Brumell,
Not so quiet, this may compromize some of the DNI's interests in the region if NVE is right in their assesment.
TC
NovaWest Resources Inc -
NovaWest asserts ownership of properties in area of mutual interest
NovaWest Resources Inc
NVE
Shares issued 15,730,865
1999-06-16 close $0.36
Thursday Jun 17 1999
Mr. Christopher Chu reports
The company has become aware that 2973090 Canada Inc., the vendor of a
number of the company's Raglan properties in Northern Quebec has acquired
additional properties in the Raglan area which fall within an area of mutual interest
as set out in two agreements between the company and 2973090. One of the
properties comprises approximately 105 square kilometres and is contiguous with
the eastern boundary of the Lac Raglan property owned by Dumont Nickel Inc.
and is approximately four kilometres from NovaWest's Expo East property. The
other property comprises approximately 51 square kilometres and is contiguous
with the north boundary of Dumont's Shoot Out property, the south boundary of
NovaWest's Delta West property and the west boundary of NovaWest's Delta
East property.
Pursuant to the terms of the agreements between the parties, should either the
company or 2973090 acquire mineral properties within the area of mutual interest,
the property becomes property as defined in the agreements and consequently
becomes the property of NovaWest Resources subject to a net smelter return in
favour of 2973090. In addition, the agreements provide that the party acquiring
properties in the area of mutual interest is responsible for the payment of all taxes
and assessment work due on the properties. With regard to these particular
claims, assuming that NovaWest chooses to have the permits maintained for the
full 10-year allowable term, the maintenance costs would amount to approximately
$1.7-million.
The company has demanded that 2973090 transfer title to the subject properties
to the company immediately. Failing an immediate transfer of the title to the claims,
the company has instructed its litigation counsel to commence legal action to
promptly remedy the situation. |
