Goldhunter,
FNC has begun the sell-off of those claims already. Back in May, they did an earn-in deal with Bold for 60% and can get up to 70% of the claims. See below.
Bold Ventures Inks Option Agreement with Fancamp Exploration in the Ring of Fire
Toronto, Ontario May 7, 2012 – Bold Ventures Inc. (TSX.V:BOL) (“Bold Ventures” or the “Company”) is pleased to announce the execution of its Earn-in Option Agreement with Fancamp Exploration Limited (“Fancamp”). Pursuant to the Letter of Intent announced in the Company’s Press Release dated March 5th, 2012, Bold Ventures and Fancamp have executed the definitive option agreement governing the earn-in for up to 60% of the Fancamp Ring of Fire property (the “Bold Ventures Option (BVO) project”). The Agreement calls for Bold Ventures to make option payments totalling $1,500,000 and to incur exploration expenditures on the property (the “BVO property”) of at least $8,000,000 over a 3 year period. Upon fulfilling these optional terms, Bold Ventures will earn a 50% interest in the BVO property and a joint venture will be formed. A further 10% interest may be earned by Bold at any time by delivery of a positive feasibility study and by making a payment of $700,000 in cash and/or stock at the option of Bold Ventures. The payments called for in the Agreement will commence upon receipt by the Company of all appropriate aboriginal consents.
About The Bold Ventures Option Project
The Bold Ventures Option (BVO) project is situated in the emerging Ring of Fire multimineral district, approximately 530 km north east of Thunder Bay in the James Bay Lowlands, northern Ontario.
The BVO property lies along the ultramafic Ring of Fire complex between the Eagle's Nest Ni-Cu-PGE and Blackbird chromite deposits belonging to Noront Resources to the west and the Big Daddy and Black Thor chromite deposits belonging to Cliffs Resources and KWG Resources to the northeast. The BVO offers a very exciting set of targets for magmatic Ni-Cu-PGE, chromite, vanadium, and hydrothermal Au-Cu mineralization.
