Re: FNC / Magpie agreement
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Highly prospective exploration company
Resource projects cover more than 1,713 km2 in three provinces at various stages, including the following: hematite magnetite iron formations, titaniferous magnetite & hematite, nickel/copper/PGM, chromite, Volcanogenic Massive and gold.
Message: Re: FNC / Magpie agreement
If this is the Magpie agreement how did FNC and Sheridan end up with 48.7% each? The way I understand this NR is the CHM.V will own 70% of the property after fulfilling all their engagements. I must be missing something because FNC is referring to its 48.7% in two of its last 3 NR. Please anyone in the know help me with this one, will be much appreciated. vila
The Company wishes to report that its 48.7% owned subsidiary, The Magpie Mines Inc., has begun a 1000 metre drill programme on its titaniferous magnetite.................
Below is the agreement signed with Champion for the iron formation properties in Quebec. "Magpie" Cooper123
TORONTO, ONTARIO--(Marketwire - May 27, 2008) - CHAMPION MINERALS INC. ("Champion" or the "Company") (TSX VENTURE:CHM) is pleased to announce the signing of a Binding Provisional Agreement (the "Agreement") with Fancamp Exploration Ltd. and The Sheridan Platinum Group Ltd. (collectively, the "Vendors"), allowing Champion to acquire up to a 70% interest in 15 iron-rich mineral concessions totalling 261.5 km2 (see appended Table 1 outlining the mineral concessions) in the Fermont Iron Ore District of northeastern Quebec. The Property, also termed the Fermont Property (the "Property"), is situated 250 km north of the St. Lawrence River port town of Port-Cartier and centered 60 km southwest of Fermont.....
Under the terms of the Agreement, Champion can earn an initial 65% interest in the Property at the Company's option by expending C$ 6 million in staged exploration and development work expenditures on the Property, making cash payments to the Vendors totalling C$ 1 million, and issuing 2.5 million shares to the Vendors - all over a 4-year period. The Vendors will retain a 3% Net Smelter Returns ("NSR") royalty, one third of which may be purchased by Champion for C$ 3 million.
Pursuant to the Agreement, and after earning the initial 65% interest, Champion will have the option to acquire a further 5% interest in any of the retained mineral concessions in the Property by completing a positive bankable feasibility study on the applicable retained mineral concessions. Champion will be required to make a one-time issuance of 500,000 shares to the Vendors on completion of the first feasibility study.
Pursuant to the Agreement, and after earning the initial 65% interest, Champion will have the option to acquire a further 5% interest in any of the retained mineral concessions in the Property by completing a positive bankable feasibility study on the applicable retained mineral concessions. Champion will be required to make a one-time issuance of 500,000 shares to the Vendors on completion of the first feasibility study.
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