it will go up soonManagement is pleased to announce that SNL Enterprises has entered into agreements favourably amending the terms of our Copper Pendant option agreements. The Copper Pendant property is located in the Stewart region of northwestern British Columbia.
The amended Copper Pendant option agreements modify the outstanding terms required to earn a 50% interest (subject to a 2% net smelter royalty) in 19 mineral tenures known as the Copper Pendant property, as follows:
SNL Enterprises must incur total exploration expenditures on the property totaling $1,600,000 prior to November 15, 2007. These work commitments are substantially completed. The original work commitments had totaled $2,400,000 prior to February 20, 2008. The amended option agreement thereby reduces the total work commitments required to earn our 50% interest by $800,000.
SNL Enterprises must make total option payments of $300,000 prior to November 15, 2007. This represents a deferral of the $200,000 payment originally due on August 31, 2007, plus additional option payments totaling $100,000.