Hey Super...U see this one...Looks like the slice of the pie is
gettin' thinner for somebody...
International Canalaska Resources Ltd ICA
Shares issued 18,882,794 Jun 16 close $0.34
Wed 17 Jun 98 Property Agreement
The VSE has accepted for filing a letter agreement dated Dec. 5, 1997
between the company and Pacific North West Capital (PNWCC) whereby PNWCC
can acquire up to 80 per cent interest in each of the three mineral claim
groups in Labrador, Newfoundland, known as the Konrad property, the
Umiakovik property and the Harp Lake properties. The company has agreed to
assign PNWCC the following:
a) A 50 per cent interest in each property upon payment of 300,000 PNWCC
shares (100,000 shares per property);
b) A further 5 per cent interest, for a total interest of 55 per cent,
upon completion of work commitment in the first year of the agreement
of $100,000 on the Konrad property, $80,000 on the Umiakovik property
and $45,000 on the Harp Lake properties;
c) A further 5 per cent interest, for a total interest of 60 per cent,
upon completion of work commitments in the second year of the
agreement of $100,000 on the Konrad property, $80,000 on the Umiakovik
property and $45,000 on the Harp Lake properties;
d) Upon completion of all work commitments, PNWCC can earn a further 10
per cent interest for a total of 75 per cent, by completing a bankable
feasibility study on any of the properties and a further 5 per cent
interest for a total of 80 per cent by arranging all project financing
through commercial production of 50,000 oz per year of gold or the
equivalent.
The Harp Lake properties are subject to a 1 per cent nsr on any commercial
production from the properties. Amendments to the agreement is subject to
the prior approval of the exchange.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com |
