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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (20795)	6/3/2008 10:39:39 PM
From: LoneClone	Read Replies (1) \| Respond to of 194686

Enviro Energy to option Mexico mining JV interest as QT 2008-05-29 20:16 ET - News Release stockwatch.com Also News Release (C-IPT) Impact Silver Corp Also News Release (C-YLL) Yale Resources Ltd Mr. Mark McLeary of Enviro reports Enviro Energy Capital Corp. has entered into an arm's-length letter of intent with Yale Resources Ltd. to negotiate a definitive option agreement for the company to acquire 100 per cent of Yale's vested 65-per-cent undivided interest in a yet-to-be-negotiated joint venture agreement with Impact Silver Corp. for three mining concessions located in Zacatecas, Mexico. The acquisition and option agreement will constitute the company's qualifying transaction. Under the terms of the option agreement, Yale will grant to the company an option and right to acquire 100 per cent of Yale's vested 65-per-cent interest in the Mexican property, including Yale's right to acquire an additional 15 per cent in the property from Impact. In order to exercise the option, the company is required to pay $150,000 and issue 500,000 common shares and incur exploration expenditures totalling $150,000 over a 13-month period. The company agrees also to pay $250,000 (U.S.) to Yale if the Mexican property is included in a positive feasibility study or is part of a production on the property greater than 500 tonnes per day. The company has paid a $25,000 non-refundable amount to Yale upon the signing of the letter of intent. If Yale terminates the letter of intent, Yale is obligated to pay the company's expenses not to exceed $50,000. The closing of the option agreement is subject to the company's satisfactory due diligence of the Mexican property, completion of a National Instrument (NI) 43-101 geological report, Yale's execution of the joint venture agreement with Impact, the company's closing of a $157,500 concurrent financing, and approval of the TSX Venture Exchange. The company has 90 days to complete and execute the option agreement and Yale has 90 days to complete and execute the joint venture agreement with Impact.