Ditem Explorations Inc DTEMF

Re related NR by Golden Valley Mines

[my2bits]

Agreement between Ditem and Golden Valley Mines. Extract from Golden Valley Mines NR of January 20th, 2006: https://cnrp.ccnmatthews.com/client/golden_valley_mines/release.jsp?year=2006&actionFor=576675&releaseSeq=14 Terms of the Option/Joint Venture: Ditem may earn an initial 50% interest by incurring aggregate exploration expenditures of $1,000,000 over three years. In the fourth year of the agreement, Ditem may then elect to increase its interest by 10% (to an aggregate 60% interest) by incurring an additional $2,000,000 in exploration expenditures. Finally, Ditem may then enhance its position by acquiring an additional 6% interest (aggregate 66%) in the property provided that it deliver a bankable feasibility study within 10-years from the signing of the final agreement. Golden Valley will be operator during the option period. Golden Valley will retain an aggregate 34% interest following vesting. In conjunction with this transaction, and as partial consideration for the work commitment, Ditem shall issue to Golden Valley an aggregate 2,000,000 share purchase warrants. Each warrant shall entitle Golden Valley to acquire one common share of Ditem (aggregate 2,000,000) for a period of 2 years from the date of issuance at a price of $0.10 per common share., and Golden Vally has undertaken to exercise half of the warrants within 45 days of issuance. No commissions are payable in connection with this transaction, and all securities issued will be subject to the regulatory four month hold period. The transactions disclosed herein are subject to all the required board and regulatory approvals of both companies. Ditem is now planning an initial state of the art high-resolution, deep-penetrating airborne magnetic and electromagnetic survey.