$0.23
Babine
Projects
Property Description and Location
The Babine project includes both the NAK and Dorothy options and covers an area of 6,080 hectares located 80 km northeast of Smithers, British Columbia, in the Omenica Mining Division (see Figure 1).
On May 6, 2007, the Company announced that it had agreed to earn a 100% interest in the NAK property by making payments totaling $250,000 over 6.5 years, including $10,000 on signing of the agreement. The vendor is also entitled to additional payments of $125,000 upon certain exploration milestones being reached. These payments may be taken in shares of the Company at the vendor's option. The vendor retains a 3% NSR royalty, two-thirds of which can be purchased by the Company for $1 million.
On August 9, 2007, the Company announced that it had agreed to earn a 100% interest in the Dorothy property by making payments totaling $200,000 over 4 years, including $15,000 on signing of the agreement and issuing 400,000 shares, 200,000 of which will be due upon regulatory approval. The vendor is also entitled to additional payments of $125,000 upon certain exploration milestones being reached. These payments may be taken in shares of the Company at the vendor's option. The vendor retains a 3% NSR royalty, two-thirds of which can be purchased by the Company for $1 million.
The Babine project includes both the NAK and Dorothy options and covers an area of 6,080 hectares located 80 km northeast of Smithers, British Columbia, in the Omenica Mining Division (see Figure 1).
On May 6, 2007, the Company announced that it had agreed to earn a 100% interest in the NAK property by making payments totaling $250,000 over 6.5 years, including $10,000 on signing of the agreement. The vendor is also entitled to additional payments of $125,000 upon certain exploration milestones being reached. These payments may be taken in shares of the Company at the vendor's option. The vendor retains a 3% NSR royalty, two-thirds of which can be purchased by the Company for $1 million.
On August 9, 2007, the Company announced that it had agreed to earn a 100% interest in the Dorothy property by making payments totaling $200,000 over 4 years, including $15,000 on signing of the agreement and issuing 400,000 shares, 200,000 of which will be due upon regulatory approval. The vendor is also entitled to additional payments of $125,000 upon certain exploration milestones being reached. These payments may be taken in shares of the Company at the vendor's option. The vendor retains a 3% NSR royalty, two-thirds of which can be purchased by the Company for $1 million.