To be fair, the 90 mills mentioned in the 8/August article isn't up-front payment. The article published on the following day (9/August) is clearer and more detailed.
VANCOUVER, B.C.- International PBX Ventures Ltd.("PBX" or the "Company") (TSX.V:PBX) is pleased to announce that the TSX Venture Exchange has accepted for filing an option agreement dated May 22, 2012, and deed of amendment dated July 31, 2012, between OZ Exploration Chile Ltda., a wholly owned subsidiary of OZ Minerals Ltd., on the company's Copaquire property in northern Chile.
Under the terms of the agreements, OZ Minerals can acquire up to a 90-per-cent interest in the property by completing the following.
OZ Minerals will pay $200,000 (U.S.) in cash in consideration for the company granting OZ Minerals the option to conduct two stages of drilling to purchase an interest in Copaquire. OZ Minerals will make additional cash payments to the company of $100,000 (U.S.) for its assistance in each of two stages of drilling.
Stage 1 earn-in
OZ Minerals will drill up to 20,000 metres on the property and must drill a minimum of 5,000 metres. All drilling in stage 1 must be completed within a period of 26 months from the commencement of stage 1.
Stage 2 earn-in
If OZ Minerals elects to proceed to stage 2, OZ Minerals will pay the company $10-million (U.S.) for a 10-per-cent participating interest in Copaquire and drill up to an additional 15,000 metres. All drilling in stage 2 must be completed within 20 months after the commencement of stage 2 earn-in.
Following the completion of stage 2, OZ Minerals may exercise its option to acquire an additional 80-per-cent interest by paying the company an additional $80-million (U.S.), after which OZ Minerals and the company will continue to develop the Copaquire property in a joint venture basis.
For further information, please see the company's information circular dated July 3, 2012.
OZL Price at posting:
$7.92 Sentiment: Hold Disclosure: Held
