Re: new LOI

Welcome to the Torch River Resource Hub on AGORACOM

Torch River Resources has a 25% interest in an advanced molybdenum property, Red Bird. Reserves have been classified by Giroux Consultants Ltd as 88.21 million tonnes indicated and 63.39 million tonnes inferred.

Reply New Message

Prev Message Back To Forum Threaded View Next Message

AGORACOM-JEFFC

Rank: Administrator [?]

Did you know? You can earn activity points by filling your profile with information about yourself (what city you live in, your favorite team, blogs etc.)

Re: new LOI

in response to

new LOI

howardch

posted on Feb 05, 2009 05:46AM

Dear shareholder,

Thank you for your inquiry. Under the terms of the Letter of Intent, Torch shall earn a 75% interest in the Nahmint Property by paying the vendors $351,000 over 5 years, spending $1,350,000 on work programs on the Nahmint Property over 5 years and issuing 10 million shares to the vendors over 5 years. Under the terms of the Letter of Intent, the Nahmint Property is subject to a 2% NSR of which 1% can be purchased by Torch for $1,000,000. Torch shall be the operator for the projects conducted on the Nahmint Property.