Golden Chalice Kenogaming property agreement

2009-11-20 18:44 ET - Property Agreement

The TSX Venture Exchange has accepted for expedited filing documentation of an option agreement dated Sept. 15, 2009, between the company, and Frederick Ross (as to 50 per cent), Garry Windsor (as to 25 per cent) and Pierre Robert (as to 25 per cent), whereby the company may acquire a 100-per-cent interest in the Kenogaming property, located approximately 50 kilometres southwest of Timmins, Ont., located in the Kenogaming township, Porcupine mining division, Ontario.

The consideration payable to the optionors is cash payments totalling $115,000 and share issuances totalling 500,000 common shares of the company, all payable in stages over a four-year period. In addition, the company will commit to exploration expenditures sufficient to keep the property in good standing.

The optionors will retain a 3-per-cent net smelter return (NSR) royalty on the property. The company may purchase up to 2 per cent of the NSR for up to $3-million.

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