claims
Pacific North West Capital Corp PFN
Shares issued 16,175,375 Jun 21 close $0.90
Fri 22 Jun 2001 Property Agreement
The Canadian Venture Exchange has accepted for filing an arm's-length
agreement dated June 6, 2001, between Pacific North West Capital (the
optionee) and Ernie Black (the optionor) of British Columbia, Canada,
pursuant to which the optionor will grant to the optionee the right to earn
a sole and exclusive option to acquire a 100-per-cent interest in existing
mineral claims located in Schefferville, Que., Canada, over a four-year
period ending on Dec. 31, 2004.
In consideration, the optionee has agreed to pay the optionor $125,000 cash
staged over a four-year period payable on the anniversary date of
regulatory approval, complete exploration expenditures of at least $200,000
in each of the years until Dec. 31, 2004, and in order to maintain the
option, and issuing 20,000 common shares upon regulatory approval and a
further 20,000 common shares within 30 days of receipt of a technical
report describing results of the 2001 exploration program and a final
20,000 common shares on the first anniversary date of regulatory approval.
The optionor retains a 2.5-per-cent net smelter return royalty. An initial
cash payment of $15,000 will be made upon regulatory approval in addition
to $20,000 being paid within the first year (all figures are included in
the $125,000 above). The optionee will also finance the cost of map staking
in the amount of approximately $34,000, which is in addition to the
consideration outlined above.
A finder's fee of $10,000 will be paid to Kamaka Resources Ltd., of Delta,
B.C., (Peter Dasler and Diane Dasler) upon regulatory approval.
(c) Copyright 2001 Canjex Publishi |
