Was just looking at Dorex Minerals financials recently filed. They optioned our Strawberry Flats property. Looks like they wish to continue with the property; here is an update from their financials;
Strawberry Flats Gold Property
On February 8, 2010, the Company entered into an option agreement to acquire an 80% interest, subject to 1.5%
NSR with St. Elias Mines Ltd. Under the terms of agreement, the Company can acquire an initial 60% interest in
the Property in British Columbia, Canada in consideration of:
- Payment of $50,827 to St. Elias Mines Ltd. over a two-year period ($25,827 paid);
- Issuing 600,000 common shares to St. Elias Mines Ltd. over a two-year period; and
- Incurring $600,000 in exploration expenditures on the property over a three-year period.
The Company can elect to earn a further 20% interest in the Property in consideration of making additional cash
payment of $200,000 to St. Elias Mines Ltd., issuing an additional 600,000 common shares, and incurring an
additional $1,000,000 in exploration expenditure on the Property.
As at December 31, 2010, the Company has issued 100,000 shares at a deemed price of $0.15 per share for a
total of $15,000 to fulfill the option obligation. The Company has paid $3,500 to post a reclamation bond for
Strawberry Flats Gold Property and once the Company has adequately restored any disturbance to the property
caused by mineral exploration, the bond will be refunded. To date no disturbance has been made.
