Nordex Explosives Announces Optioning of Melba Gold Property to Telluriton Corp.
13 5월 2014 - 8:00PM
Marketwired
Nordex Explosives Announces Optioning of Melba Gold Property to
Telluriton Corp.
KIRKLAND LAKE, ONTARIO--(Marketwired - May 13, 2014) - NORDEX
EXPLOSIVES LTD. (TSX-VENTURE:NXX) ("Nordex" or the "Corporation")
is pleased to announce that it has entered into a purchase and sale
agreement (the "Agreement") with Telluriton Corp. which provides
that Nordex will grant an option to acquire a 100% interest in its
Melba gold properties (the "Melba Property") to Telluriton.
The Melba Property is located approximately 20 km north of
Kirkland Lake, Ontario between the Destor Porcupine Fault System
and the Kirkland Lake Larder Lake Fault System. An exploration
program carried out in the 1930's included trenching, diamond
drilling, shaft sinking and underground workings which opened up
four gold-bearing quartz calcite veins.
The terms of the four year option of the Melba Properties are as
follows:
- Telluriton upon signing of the Agreement, shall pay to Nordex
$25,000 in cash
- Telluriton agrees to pay all lease payments and maintain the
property in good standing
- Telluriton agrees to issue 1,000,000 million common shares once
listed as a publicly traded company to Nordex
- Telluriton agrees to recover and process the existing ore stock
pile on the property on or before the first anniversary of the
Closing Date and shall share equally any profit derived with
Nordex
- Telluriton shall complete $1,000,000 of assessment work on the
Melba Property, which shall be competed in $250,000 increments
prior to each of the four anniversary dates of the Closing
Date.
After the completion of the Cash Payments, the Share Issuances
and Work Commitments, Telluriton will have earned a 100% interest
in the Melba Property, subject to a 2% net smelter return royalty
("NSR") to be granted to Nordex, with a buyback privilege of
Telluriton of 1% of the NSR from Nordex for $1,000,000.
Mr. Jim Taylor, Chief Executive Officer of Nordex stated: "This
agreement with Telluriton will provide for the exploration of the
Melba properties and at the same time will permit Nordex to focus
on its core business of manufacturing and distributing explosives
to the mining, quarry and road construction industries."
The finalization is subject to the parties entering into the
Definitive Agreement, as well as the receipt of all required Board
of Director, TSX Venture Exchange and regulatory approvals.
The Melba Gold property which is comprised of 18 leased one unit
claims in the north western part of Melba Township is located
approximately 20 kilometers north of Kirkland Lake. There are two
dominant regional geological structures proximate to the claims
including the "Porcupine-Destor" fault system which passes about 9
miles north of the property and the "Kirkland Lake-Larder Lake"
fault system.
A number of successful current and past gold producers are
associated with these structures including; the Pamour Mine, the
Dome Mine, Kirkland Lake Gold and the Kerr-Addison Mine. The
sedimentary rocks occurring on the property are thought to
represent another infolded structure which has been the loci for
strong faulting and into which porphyries with their associated
gold bearing veins have intruded. The property includes a previous
mine shaft and a surface ore pile from previous mining
operations.
About Nordex
Explosives
Nordex Explosives Ltd. is a Canadian based manufacturer and
distributor of explosives for the mining, quarry and construction
industries since 1970. Its manufacturing operations and
distribution centre is strategically located in one of the world's
largest mining regions near Kirkland Lake, Ontario. Nordex is the
exclusive supplier of the "Buttbuster" perimeter control explosive
products in Canada. Additional information can be found at
www.nordexexplosives.com
Neither the TSX Venture nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture)
accepts responsibility for the adequacy or accuracy of this
release.
Capital Ideas IRDean StuartT: 403 517 2270E:
dean@boardmarker.netJim Taylor, President and CEOT: 705 642 3265
extension 203E: jtaylor@nordexexplosives.com
Nordex Explosives Ltd. (TSXV:NXX)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Nordex Explosives Ltd. (TSXV:NXX)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024