red chris proximity play picking up... these guys paid
Colorado's Red Chris Area Eldorado Property Update  Press Release: Colorado Resources Ltd. – 4 hours ago
WEST KELOWNA, BRITISH COLUMBIA--(Marketwire - Nov 28, 2012) - COLORADO RESOURCES LTD. (TSX VENTURE:CXO) ("Colorado" or the "Company") is pleased to announce the results of a 24 line kilometre deep sensing Induced Polarization Survey on the Eldorado Property, Red Chris Area northern British Columbia.
As announced on October 4, 2012 Colorado entered into an Option Agreement with Sunrise Resources (TSX VENTURE:SHI) ("Sunrise") to acquire up to a 75% interest in the Eldorado Copper-Gold Property located in northern British Columbia.
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here is what they paid for an exploration play adjoining red chris.. it has nada dada doo as far as mineral reserves go
Consideration for the Option includes aggregate cash payments of $200,000 ($50,000 on signing) and exploration work commitments of $4,000,000 ($1,200,000 in year one), over a 3-year period to earn and initial 65% interest ("Initial Interest"). Colorado may earn an additional 10% interest my making a further cash payment of $1,000,000 (the "Additional Interest"). Upon Colorado acquiring the Initial Interest, the parties will form a conventional joint venture which will include the standard dilution clauses should either party dilute their interest below 15% that party's interest will be reduced to a 1% NSR which can be purchased in entirety for $2,000,000. |
