some activity on the Opinaca area
Everton Resources to sell portions of Opinaca, Wildcat properties to Aurizon
Thu Sep 16, 1:22 PM
The Canadian Press
VANCOUVER - Aurizon Mines Ltd. (TSX: ARZ.TO) has reached a couple of deals for mining properties in the James Bay area, north of Matagami, Que.
Both transactions also involve Everton Resources Inc. (TSXV: EVR.V), which has agreed to sell portions of its Opinaca and Wildcat properties to Aurizon.
Aurizon can acquire up to 60 per cent ownership in the Opinaca property, which is currently owned by Everton and Azimut Exploration Inc. (TSXV: AZM.V).
The Vancouver-based company will become the operator of Opinaca during the earn-in period.
Aurizon can earn a 50 per cent interest in Opinaca by making $580,000 of cash to the two current owners and spending $6 million over four years on drilling and development.
It can earn an additional 10 per cent of Opinaca by paying $300,000 cash over three years and spending $3 million over three years from the election date.
Everton and Azimut will each own 20 per cent of Opinaca, after Aurizon completes its earn-in, according to letters of intent signed by the three companies.
Separately, Aurizon can acquire up to 65 per cent of Everton's Wildcat property.
It can earn 50 per cent of the Wildcat by spending $3.2 million over four years, including drilling. Aurizon will also subscribe for one million Everton common shares and one million share purchase warrants.
Aurizon can earn an additional 15 per cent of Wildcat by making cash payments totalling $300,000 over three years from the election date, incurring expenditures totalling $3 million over three years from the election date