Oregon JV with North Mining
Ican Minerals Ltd IMI
Shares issued 26,003,086 Apr 16 close $0.33
Thu 17 Apr 97 News Release
Mr Archie Nesbitt reports
The company has executed a letter agreement with North Mining Inc, a
worldwide mining and resource company with operating centres in Australia,
the UK and the US, granting that company an option to acquire an undivided
minimum 51% and up to maximum 71% interest in the Malheur Oregon porphyry
gold project, over a 10 year period (minimum expenditures in 1997 are
US$300,000). A joint venture between the companies will thereafter be
formed.
North Mining has the right to earn a 51% interest on the property by making
total property expenditures of US$3,000,000 on or before December 31 2002.
North Mining has been granted an option, upon earning its 51% interest, to
acquire an additional 20% (total 71%) interest by spending an additional
US$3,000,000 (total US$6,000,000 ) on property expenditures on or before
December 31 2006.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com |
