RE: $$-J/V with Kinross & High-Grade Stewart-PropeHardly what I would call a JV.... CAJ leased 100% of the project to Kinross for $100,000 a year and a 2% net smelter royalty.
The Kinross deal is window dressing. CAJ will get nothing from it other than $100k a year from it. Plus Kinross only has to drill within 1 MILE of the property to earn the 100% interest!!!!! What kind of deal is that.....
Buyer beware.
lurk
September 09, 2008
Canasia and Kinross Gold Enter into Mineral Agreement
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Canasia Industries Corporation ("Canasia") wishes to announce that it has signed a Mineral Lease-Letter of Agreement ("Agreement") with Kinross Gold USA ("Kinross") covering Canasia's recently acquired 100% owned Debut Gold Property, located in Elko County, Nevada (announced July 29, 2008) . The Agreement calls for Kinross to make advance royalty payments of $40,000 US on signing a formal Mineral Lease Agreement on or before September 18, 2008, $25,000 US on or before December 31, 2009, $50,000 US on or before December 31, 2010 and 2011 and $100,000 US annually thereafter during the term of the agreement, which shall be for fifteen (15) years with the option to renew for a further fifteen (15) years . Kinross shall pay Canasia a 2.0% Net Smelter Return royalty on all ores and minerals mined and produced from the property. Kinross shall spend a minimum of $3,000,000 US in exploration expenditures on, or within 1 mile of the property, during the first six years of the agreement.