Condor International Resources Inc -
Condor International Resources Inc
COD
Shares issued 17851302
1998-04-29 close $0.19
Thursday Apr 30 1998
The VSE has accepted for filing a letter agreement dated Mar. 30,
1998, whereby the company can purchase from Portree Inc. (a
company incorporated in the Cayman Islands with beneficial owner
Donald Simon MacLeod), an option to earn up to 50 per cent interest
in the Hunter East and Hunter West claim groups and up to 45 per
cent interest in the Cascares claim group (collectively referred to
as the Kikerk Lake properties, totalling 92 claims), 500km north of
Yellowknife, Northwest Territories. Consideration, based on a
valuation by Neil Humphreys dated Apr. 24, 1998, is the issuance of
1,500,000 special warrants at 16 cents per special warrant, with
each special warrant convertible into one share at no extra cost.
Pursuant to an underlying option agreement dated Apr. 11, 1997,
between Portree Inc. and Caledonia Mining Corp., the company is
obligated to incur $300,000 in exploration expenditures on the
Kikerk Lake properties to earn a 30 per cent interest within one
year and incur a further $400,000 in exploration expenditures to
earn an additional 20 per cent interest in the second year. Caledonia
has the option to earn back a 5 per cent interest by incurring
$500,000 on the Kikerk Lake properties within six months of the
company earning its 45 per cent and 50 per cent interest in the
Cascares and Hunter claim groups, respectively. The Hunter East and
Hunter West claim groups are subject to a 2 per cent gross
overriding and a 2 per cent nsr royalty retained by JLM Syndicate
of Vancouver, B.C. The Cascares claim group is subject to a 1 per
cent gross overriding and a 1 per cent nsr royalty retained by
Cascares Properties Ltd.
In connection with the above transaction, a finder's fee is payable
to Lawrence Barry in the amount of 150,000 special warrants with
each special warrant convertible into one share at no extra cost.
(c) Copyright 1998 Canjex Publishing Ltd.
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