Option to earn interest in Tosca prospect
New Claymore Resources Ltd NCS
Shares issued 4,015,775 Apr 15 close $1.80
Thu 16 Apr 98 News Release
See Meteor Minerals Inc (MMI) News Release
Mr Jonathan George reports
Meteor Minerals has reached an agreement in principle with New Claymore
Resources whereby Meteor has an option to earn a 25% undivided interest in
the Tosca prospect, comprising approximately 205,000 acres, by making a
cash payment to New Claymore on signing of $25,000; issuing 25,000 common
shares on closing, subject to ASE approval; making a further cash payment
of $25,000 on or before December 31 1998; and issuing 75,000 common shares
on or before December 31 1998, subject to ASE approval. Meteor must also
incur exploration expenditures on the property of $0.75 per acre on or
before January 31 1999; an additional $0.25 per acre on or before May 1
1999; and a further $1.00 per acre on or before January 31 2000. The Tosca
prospect is in the Buffalo Head Craton and is adjacent and to the north of
Buffalo Hills group of permits held by Ashton Mining of Canada, Pure Gold
Minerals and Alberta Energy Company.
A finder's fee is payable to Golden Capital Securities in conjunction with
this acquisition. |
