Hello Letmebe Frank
Here is a new wrinkle off the wire:
Mill City Acquires Otish Mountains Claims
CALGARY, April 22 /CNW/ - MILL CITY INTERNATIONAL INC. (MIY-CDNX)
(MIYN-OTC) ("Mill City") is pleased to announce that it has entered into an
Agreement to acquire 188 Otish Mountain Claims (approximately 8,780 hectares)
in the Otish Mountains area, Quebec. These Otish Mountain Claims are located
at the southwest corner of what is the Portage property of Majescor Resources
Inc., the Portage property being adjacent to the Ashton/Soquem diamondiferous
kimberlite discovery. Majescor's Portage property is under option to BHP
Billiton Diamonds Inc. (BHP) who recently confirmed the existence of
favourable indicator mineral chemistry conducive to the presence of
diamondiferous source rocks.
The Agreement entered into by Mill City with the owner of the Otish
Mountains Claims requires the Company to pay a cash payment of $90,000 and
issue 1,250,000 Common Shares. The Vendors retain a 3% gross profits royalty
(the "GPR"). Mill City may purchase 2% of the Vendor's GPR for $1,000,000.
The Agreement is subject to the approval of the Canadian Venture Exchange
and any other regulatory authority.
Mr. James R. Brown, Chairman for Mill City stated "We are pleased to
acquire a property interest in Quebec which is part of existing exploration
activities involving a greater number of medium and junior exploration
companies. Once the Company has received the necessary regulatory approvals a
specific exploration program can be finalized to begin work on the property."
Regarding your question about MGJ,... since it is to be broken into two plays, one diamond and one metals (principal asset SVB), you may wish to govern your decision per whether you want exposure to both commodities or only one?
Regards
Vaughn |
