RE: RE: RE: NewCo Will Have $4 + valuationMAR can't have its 50% interest yet. MOA still hasn't optioned back the other 70% from Richmont. Not sure where they stand with the $3 million in expenditures, but I haven't seen anything about the $3 million in payments recently.
On
December 23, 2009, Mountain Lake and Marathon PGM Corporation (TSX: MAR) announced an option and joint venture agreement granting Marathon a sub-option to earn a 50% interest in the Valentine Lake Property. Mountain Lake currently owns a 30% interest in the Property and has an exclusive option (see news release of
February 11, 2009) to purchase the remaining 70% interest (the “Richmont Option”) from Richmont Mines Inc. (TSX: RIC) and consolidate 100% ownership in the Property. Marathon can earn the 50% interest by assisting Mountain Lake in exercising the Richmont Option, through total option payments of $3,000,000 in installments over the next three years and incurring a total of $3,000,000 in exploration and development expenditures on the Property over the next three years.