Yale finalizes option of Dos Naciones...Dos Naciones was the first project generated and staked by Yale... We've now recovered our costs and will have a programmed budget of $150,000 spent on the project.
Here's the news...
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Yale Resources Ltd. and Candev Resource Exploration Inc. have formalized the sale/option of the Dos Naciones property.
Candev has paid Yale $35,000 for a 50-per-cent undivided interest in the property and has the rights to acquire an additional 30 per cent (for a total 80-per-cent interest) by undertaking a total of $800,000 in exploration expenditures and issuing Yale 800,000 shares in Candev in the following manner:
- On or before July 7, 2010, issue 200,000 shares of common stock to Yale and finance expenditures on the property totalling $150,000;
- On or before July 7, 2011, issue an additional 250,000 shares of common stock to Yale and finance additional expenditures on the property totalling $250,000;
- On or before July 7, 2012, issue an additional 350,000 shares of common stock to Yale and finance additional expenditures on the property totalling $400,000.
Yale will be the operator of the project for the first year of the agreement after which Candev may become operator at its choosing. If Candev were to not complete the additional earn-in (the option) Yale will have the right to purchase Candev's interest for $17,500 to regain a 100-per-cent interest in the property.
The 2,391-hectare (23.91-square-kilometre) Dos Naciones property is located approximately 160 kilometres northeast of Hermosillo in the heart of Sonora's porphyry district. The property contains multiple areas of historic mining. The potential for a porphyry-style target within the property is evidenced by multiple skarn bodies occurring in association with a regional magnetic anomaly that measures two kilometres in diameter.