HEFTY price to pay for grassroots property.
$5 million to owner and spending $5 million and issuing 2.4 million shares.
Ouch! Must be some property.
David.
Mr. Souhail Farrage reports
KOKANEE OPTIONS PROSPECTIVE PROPERTY IN MOROGORO, TANZANIA
Kokanee Minerals Inc. has optioned a prospective property in the Morogoro area of east-central Tanzania.
The property, consisting of 19.16 square kilometres, covers the immediate south extension of the zone identified on Sidon International's Morogoro MEG property. The same rocks that host the 1,500-metre strike length of that zone continue on to the optioned property. The company is optioning the property from a company owned by the company's director.
Preliminary work has identified quartz veins and new artisanal workings on the prospecting licence (PL) that are less than four months old. The optioning company made an application for the PL and has received the offer of grant from the Ministry of Mines, the United Republic of Tanzania, and has initiated the PL issuance process by paying the preparation fee.
The property is being acquired from a private Tanzanian company for payments of $5-million, issuing 2.4 million shares and completing $5-million in exploration in the next three years.
This release has been reviewed by Glen Macdonald, PGeo, the designated qualified person.