Third quarter report
Jordex Resources Inc JDX
Shares issued 29,067,857 Dec 22 close $0.465
Wed 23 Dec 98 Company Review
An anonymous director reviews the company
On Oct. 30, 1998, Jordex signed a joint venture earn-in agreement with Gold
Fields Ltd., headquartered in Johannesburg, south Africa, to explore and
develop Jordex's San Javier gold properties, covering some 43,800 hectares
and located some 190 kilometres northeast of Santa Cruz, Bolivia. The
initial phase requires Gold Fields to finance a minimum 1,000 metre
drilling program to be completed by Dec. 31, 1998. Following the completion
of this program, Gold Fields has the option to proceed with phase two which
provides for a staged earn-in up to 51 per cent of the project by spending
$2.5-million (U.S.) (inclusive of the initial drilling) over 36 months from
the outset of the agreement. The third phase, (up to five years duration)
provides for the possibility of the spending of $1.5-million (U.S.) jointly
by both parties (at Jordex's option) prior to a further staged earn-in by
Gold Fields up to 70 per cent or 75 per cent through its spending of an
additional $5.5-million (U.S.) or the completion of a positive feasibility
study. Following the third phase, Jordex would be required to contribute
its share of expenditures or dilute its interest.
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