increase area to 30000 hect. for further $2,000,000 USD explore expenditure . total $4,331,250 USD
RRS for 1600 hect. 80% interest up front $165,000 USD 100,000,000 shares (approx 2.5c) $1,875,000 USD 90,000,000 options (approx .7c) $472,500 USD explore expend $ 300,000 USD total $2,812,500 USD
From website... Frontier Pacific will earn a 50% joint venture interest in the mineral concessions by making the following payments to Solex and incurring the following annual expenditures on or prior to the specified date. Time Payment (US $) Expenditure (US $) Earn-in (i) On signing & TSX-V approval 200,000 Shares & $50,000 none (ii) 1 st Anniversary 250,000 Shares $250,000 (iii) 2 nd Anniversary 300,000 Shares $350,000 (iv) 3 rd Anniversary 350,000 Shares $500,000 (v) 4 th Anniversary 400,000 Shares $900,000 Total 1,500,000 Shares $2,000,000 50%
Total exploration expenditures for the Option period have been increased from the US$2 million to US$4 million to reflect the increase in concession areas from the initial 4000 hectares to 30,000 hectares.
RRS Corachapi Uranium As announced on 24 June, Range re-negotiated the Heads of Agreement and agreed to acquire an 80% interest in Sociedad Minera de Responsabilidad Limitada Corachapi (Somirelco) for the following consideration: 1. A cash payment of US$165,000; 2. 100 million Shares and 90 million Options (5 cents on or before 1 October 2007) to be issued as follows: •40 million Shares and 10 million Options to be issued immediately (20 million Shares subject to voluntary escrow until 31 December 2005 and 10 million Shares and 10 million Options subject to voluntary escrow until 27 November 2006); and •60 million Shares and 80 million Options issued on or before 1 December 2006. 3. Minimum expenditure commitment of US$300,000 for an exploration programme on the Mining Concessions within an 18 month period. By taking the 80% position in Somirelco, the Company acquired management control of the Corachapi Uranium Project and 80% interests in two additional mining concessions being Taypicorani and Taititira and one application being Kihitian, bringing the total concession area in the Macusani District to 1,600 hectares.
RRS Price at posting:
0.0¢ Sentiment: None Disclosure: Held