Re: Who is left as JV with Noront?
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HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
Message: Re: Who is left as JV with Noront?
http://www.sedar.com/CheckCode.do;js... OPTION AGREEMENTS AND JOINT VENTURES The following option agreements are on claims that are part of the Ring of Fire area located in the James Bay Lowlands, which include the site of the McFaulds Lake Project at McFaulds Lake. In the case of sold options, Noront is the Optionor and will be in receipt of money and shares as the counterparty to the agreement earns into the claims. SUMMARY OF JOINT VENTURE OPTION AGREEMENT TERMS SOLD OPTIONS Anniversary
Dates Expenditure Commitment Description of Area WSR GOLD INC. October 30/08 $1,500,000 50% interest in: 15 Claim Blocks 240 units in the McFaulds Lake areaalong the "Ring of Fire” in the James Bay Lowlands October 30/09 $1,500,000 October 30/10 $2,000,000 2nd and 3rd year payments are optional. HAWK URANIUM INC. November 19/08 $1,000,000 50% interest in: 10 Claims covering 160 units in the McFaulds Lake area along the "Ring of Fire” in the James Bay Lowlands November 19/09 $1,000,000 November 19/10 $1,500,000 2nd and 3rd year payments are optional. - 24 - SUMMARY OF JOINT VENTURE OPTION AGREEMENT TERMS SOLD OPTIONS Anniversary
Dates Expenditure Commitment Description of Area SOUTHAMPTON VENTURES INC. January 1/09 $1,000,000 50% interest in: 12 Claims covering 168 units in the McFaulds Lake area along the "Ring of Fire' in the James Bay Lowlands January 1/10 $1,000,000 January 1/11 $1,500,000 2nd and 3rd year payments are optional. SEAFIELD RESOURCED LTD. January 15/09 $600,000 50% interest in: 6 Claims covering 96 unitsin the McFaulds Lake area along the "Ring of Fire' in the James Bay Lowlands January 15/10 $600,000 January 15/11 $900,000 2nd and 3rd year payments are optional. LUND GOLD February 1/09 $1,000,000 50% interest in:
13 Claims covering 169 units in the McFaulds Lake area along the "Ring of Fire' in the James Bay Lowlands February 1/10 $1,000,000 February 1/11 $1,500,000 2nd and 3rd year payments are optional. INTRINSIC MINERALS LTD. - 1ST OPTION May 13/09 $1,225,000 50% interest in: 16 Claims covering 247 units along the "Ring of Fire' in the James Bay Lowlands May 13/10 $900,000 May 13/11 $1,350,000 2nd and 3rd year payments are optional. INTRINSIC MINERALS LTD. - 2ND OPTION May 13/09 $1,300,000 50% interest in: 21 Claims covering 3278 hectares along the "Ring of Fire' in the James Bay Lowlands May 13/10 $1,300,000 May 13/11 $1,950,000 2nd and 3rd year payments are optional. Private Company (6897631 Cda Inc.) March 27/09 $650,000 50% interest in: 10 Claims covering 160 units in the McFaulds Lake area along the "Ring of Fire' in the James Bay Lowlands March 27/10 $650,000 March 27/11 $975,000 BOLD VENTURES INC. January 1/09 $600,000 50% interest in: 6 Claims covering 96 units along the "Ring of Fire' in the James Bay Lowlands January 1/10 $600,000 January 1/11 $900,000 2nd and 3rd year payments are optional PASSPORT METALS INC. June 10/09 $450,000 50% interest in: 4.5 Claims covering 16 units in the McFaulds Lake area along the "Ring of Fire' in the James Bay Lowlands June 10/10 $450,000 June 10/11 $675,000 2nd and 3rd year payments are optional. SURESHOT MINERALS INC. July 15/09 $1,400,000 50% interest in: 14 Claims covering 224 units July 15/10 $1,400,000 July 15/11 $2,100,000 - 25 - SUMMARY OF JOINT VENTURE OPTION AGREEMENT TERMS SOLD OPTIONS Anniversary
Dates Expenditure Commitment Description of Area 2nd and 3rd year payments are optional. in the McFaulds Lake area along the "Ring of Fire' in the James Bay Lowlands NOTE: In addition to the expenditure commitments indicated above, each optionee must make an annual
payment to Noront in cash or shares, in order to continue with the option. In the first year, the optionee typically chooses whether to make the payment by way of shares or cash. In subsequent years, if the optionee elects to continue with the option, Noront chooses whether the payment to it is made in cash or shares. OTHER AGREEMENTS In addition Noront is a party to certain other option agreements with arm's-length third parties,
including with WSR Gold Inc. and Golden Valley Mines Ltd. in respect of the Golden Valley Property and with East West Resource Corporation and Temex Resources Corp. in respect of the Fishhook Property. T EMEX RESOURCES CORP, NORONT RESOURCES LTD. AND BALTIC RESOURCES INC. ACQUISITION On December 11, 2007, Noront, Baltic Resources Inc. (“Baltic”) and Temex Resources Corp. (“Temex") announced that they had completed a significant land acquisition campaign in the McFaulds Lake area in the James Bay Lowlands region of northeastern, Ontario. The new properties, located in the general area of Noront’s Double Eagle Ni-Cu-PGE discovery, were acquired by Temex on behalf of Temex, Noront and Baltic collectively the Staking Syndicate (the “Staking Syndicate”). A total of 120 mining claims comprising 1900 claim units totaling 76,000 acres (the “Claims”) were acquired on behalf of the Staking Syndicate. Subsequent to the staking campaign, Temex, Noront and Baltic have entered into a binding Letter of Agreement whereby each party has agreed to grant the other two parties a 100% interest in one third of the total claims staked, with each of the parties retaining a 1% NSR royalty in the claims granted to the other parties. Therefore each party has a 100% interest in one third of the claim units and a 1% NSR royalty in two thirds of the claim units. Temex acted as operator of the Staking Syndicate. N ORONT RESOURCES LTD. AND FREEWEST RESOURCES CANADA INC., JOINT EXPLORATION A GREEMENT On May 14, 2008 the two companies announced a joint exploration agreement to explore a key airborne geophysical anomaly, situated on the boundary of their adjacent properties approximately 8 km northeast of the Eagle One deposit in the McFaulds Lake area. The McFaulds Lake area exploration play is situated in the Sachigo greenstone belt, 300 kilometres north of Nakina in the James Bay Lowlands of northern Ontario. Under the terms of the agreement Freewest will contribute 68 acres (27.5 hectares) comprising a small portion of their 100%-owned property. Noront in turn, will contribute 70 acres (28.3 hectares) of their adjoining land to collectively form the joint-venture property. - 26 - Freewest and Noront shall share exploration costs on a 50%-50% basis and will share any mineralization found on the Property on a similar basis. Freewest will act as the operator of the initial exploration program which is to be agreed upon by both parties.
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