The BVI-incorporated mineral exploration company Talon Metals Corp. (http://bvi-companies.blogspot.com/2007/09/talon-metals-corporation.html) made an announcement thath it has concluded an agreement with Gungnir Resources Inc. According to the agreement, Gungnir has been granted an option to earn up to 75% interest in Talon’s Juruena Gold Project, located in North Brazil.
By terms of the agreement between the BVI company and Gungnir, the purchasing company is required to make an initial payment in the amount of US$150,000. To exercise the option, Gungnir is required to make additional payments of US$300,000 on or before February 11, 2011, US$350,000 on or before February 11, 2012, US$450,000 on or before February 11, 2013 and US$500,000 on or before February 11, 2014. Total option payment of the company to Talon Metals is to make US$1.75 million. Additionally, Gungnir is required to complete the exploration program and a feasibility study on or before December 31, 2014 (the deadline may be extended to December 31, 2016).
When the company fulfils all the terms of the agreement, Talon will retain a 25% interest in Juruena. Prior to completing the feasibility study, Gungnir may acquire a 51% interest in Juruena.
In the past month, Talon Metals (http://finance.yahoo.com/q?s=TLO.TO) has sold its 2,450,000 common shares of Beadell Resources Limited (http://finance.yahoo.com/q?s=BDREF.PK) for gross proceeds of approximately CDN$711,000. The funds will be used for funding exploration programs of the BVI company.
The BVI-incorporated mineral exploration company Talon Metals Corp. made an announcement thath it has concluded an agreement with Gungnir Resources Inc. According to the agreement, Gungnir has been granted an option to earn up to 75% interest in Talon’s Juruena Gold Project, located in North Brazil.
By terms of the agreement between the BVI company and Gungnir, the purchasing company is required to make an initial payment in the amount of US$150,000. To exercise the option, Gungnir is required to make additional payments of US$300,000 on or before February 11, 2011, US$350,000 on or before February 11, 2012, US$450,000 on or before February 11, 2013 and US$500,000 on or before February 11, 2014. Total option payment of the company to Talon Metals is to make US$1.75 million. Additionally, Gungnir is required to complete the exploration program and a feasibility study on or before December 31, 2014 (the deadline may be extended to December 31, 2016).
When the company fulfils all the terms of the agreement, Talon will retain a 25% interest in Juruena. Prior to completing the feasibility study, Gungnir may acquire a 51% interest in Juruena.
In the past month, Talon Metals has sold its 2,450,000 common shares of Beadell Resources Limited for gross proceeds of approximately CDN$711,000. The funds will be used for funding exploration programs of the BVI company.