RE: Elko County Nevada - HistoryCanasia Industries has signed a Mineral Lease-Letter of Agreement with Kinross Gold USA covering Canasia's now 100% owned Debut Gold Property, located in Elko County, Nevada. 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.
This property is in all intents sold %100 Kinross. So it has a value of 0. Only when the mine is built if a mine is built will the 2% NSR kick in. This deal is meaningless to CJAs future. Do not be fooled by this Kinross crap, yes Kinross may do very well but we will not. Clone is the future, lets not try to bull $hit our fellow investors.