Bold Ventures (BOL-V) March 24, '15 is pleased to report that KWG Resources (KWG-V) has made the third optional payment of $700,000 to Fancamp Exploration (FNC-V) in satisfaction of the option agreement whereby KWG may earn up to 80% of Bold Venture's chromite interests and up to a 20% working interest in Bold Ventures interest in all "other metals" in the Koper Lake Project. The payment was made in shares of KWG Resources Inc. This option payment was disclosed by KWG Resources Inc. in a press release dated March 13, 2015.
As described in a Bold news release dated January 7, 2013, Bold has optioned up to 100% of the mineral property known as the Koper Lake Project from Fancamp subject to a Gross Metal Royalty ranging from 2%-4%, depending on recoupment of chromite prices at the time of production, that will be retained by Fancamp. The Koper Lake Project is also subject to a 2% Net Smelter Royalty of which 1% may be purchased for a cash payment of $1,000,000 at any time prior to the commencement of production (see the Bold news-January 7, 2013 at www.boldventuresinc.com )
In turn, Bold has optioned that opportunity to KWG Resources Inc. in return for KWG making all optional payments for Bold to satisfy the earn in agreement with Fancamp. Should KWG successfully satisfy all of the optional payments to complete the earn-in, Bold and its co-venturer, a numbered Ontario Corporation, will retain a 20% carried interest in chromite and an 80% working interest in all "other metals". (See Bold news release dated March 4, 2013 at www.boldventuresinc.com ).
Richard Nemis, CEO of Bold Ventures Inc. commented that: "we are very happy that KWG has made this payment and we continue to earn our collective interests in the Koper Lake Project. We are a step closer to acquiring the first 50% interest in the project. It will be a very valuable property as Bold and KWG continue to advance the project and Noront Resources Ltd. seeks permit approvals for production at their Nickel - Copper massive sulphide deposit located immediately next door to us."
KWG has until September 30, 2015 to expend an additional $2.2 million in exploration work on the claims in order to earn Bold's 50% interest in the Koper Lake Project, of which KWG will hold 80% of Bold's chromite interests and 20% of Bold's interest in all "other metals". Should KWG not proceed to make the $2.2 million of expenditures by September 30, 2015, Bold has until March 2016 to make those expenditures or the balance of any unexpended portion of the $2.2 million in order to earn the first 50% interest in the property. Bold is Operator of the Koper Lake Project.
Bold Ventures Inc.
Richard E. Nemis
President and Chief Executive Officer
416-864-1456
www.boldventuresinc.com |
