Snowfield and Consold GoldRead between the lines...
'GSL claims 1-10
During fiscal 2006, due to uncertainty regarding future exploration permits, historical acquisition and exploration costs in the amount of $39,999 were written off.
During fiscal 2003, the Company obtained, by staking, 10 claims totaling 25,772 acres contiguous to the Company’s Drybones Bay resource property.
On March 22, 2002, the Company entered into an agreement with Consolidated Goldwin Ventures Ltd. (“Goldwin”) whereby Goldwin may earn a 50% interest in the GSL 1, 6, 7, 8, 9 and 10 claims by making cash payments to the Company of $20,000 (received), issuing 200,000 shares (received) of Goldwin to the Company, and by incurring $750,000 in staged exploration expenditures prior to December 31, 2009.
After completion of the earn-in, Goldwin and the Company may enter into a joint venture to further explore the claims. The Company will have the option to convert its remaining interest to a 5% gross overriding royalty. Goldwin may purchase up to 3/5 of this royalty at a price of $1,000,000 per percentage point.GSL 2, 3, 4 and 5 are not subject to this option agreement. The Company retains a 100% interest in these claims.
FATE claims
During fiscal 2003, the Company acquired further exploration property in the Northwest Territories through staking. The property, known as the Fate claims, is located in the Defeat Lake region, approximately 48km east-southeast of Yellowknife and 16km northwest of the Drybones 1-3 claims. The Fate claims cover an area of approximately 2,480 acres.
During fiscal 2004, the Company acquired further exploration property in the Drybones Bay area through staking. The properties are located approximately 48km east-southeast of Yellowknife and 16km northwest of the Drybones Bay 1-3 claims. These claims are contiguous with the FATE claims and are included in the joint venture noted below.
Snowfield Development Corp. (“Snowfield”) has entered into a joint venture agreement with the Company whereby Snowfield may earn a 50% interest in the Fate claims. Consideration under this agreement is as follows:
-issuance of 200,000 shares of Snowfield (received)
-cash payments totaling $20,000
-exploration and development expenditures totaling $100,000, including 500 metres of diamond- drilling, on the property prior to December 31, 2003. The work commitment was not completed due to delays in receipting their land permits.
The Company will retain a 5% gross overriding royalty (“GOR”) on any diamond production with the proviso that Snowfield may purchase up to 60% (a cumulative 3%) of the 5% royalty for a total cost of $3,000,000.
NEW SHOSHONI VENTURES LTD.
For the six-month period ended August 31, 2006
Management’s Discussion and Analysis Form 51-102F1
The Company announced it had executed a Memorandum of Understanding with Snowfield Development Corp. and Consolidated Goldwin Ventures Ltd. to form a joint venture to explore the Fate claim and a series of claims in the vicinity of Defeat Lake in the Northwest Territories. The joint venture will allow for the Company to acquire 75% interest in these claims by spending $500,000 on exploration over a period of four years. This agreement supercedes the previous agreement between the Company and Snowfield covering the Fate claims. These transactions are subject to approval by the TSX Venture Exchange.
Anyow claims
During fiscal 2006, due to uncertainty regarding future exploration permits, historical acquisition and exploration costs in the amount of $367,999 were written off.
By agreement dated February 3, 2003 the Company acquired, through option agreements, the Anyow, Soup, GTEN 14 and GTEN 17 properties. Consideration for the acquisition of a 100% interest in these properties consists of the issuance of 800,000 shares from treasury (issued) and payment of $40,000 cash (paid). The vendor retains a 2.5% GOR on any gemstone production from the properties and a 2.5% net smelter royalty (“NSR”) on any other resource production from the properties. ...'
Harry... some say it is time to jump off CGW...
I wont...