Part of our "bonus"I will agree that I am here because of the coal story but I thought I'd share this info for all of us that will be getting our shares in the Prophecy Platinum. This refers to PCNC's Las Aguilas property (taken from the fact sheet on Marifil Mine's website).
Marifil Mines has entered into a joint venture option agreement
with Pacific Coast Nickel Corp. on the Las Aguilas Project. The
agreement provides for payments and work commitments in
order for Pacific Coast to earn a 49% interest in the property.
Cash and Shares (All dollar figures in US Dollars)
1) $25,000 on signing the agreement and an additional
250,000 shares on approval of the TSX venture Exchange;
during a due diligence phase Pacific Coast will complete a
resource estimate followed by further payments as follows:
a) $75,000 and 250,000 shares on or before April 1, 2012;
b) $100,000 and 250,000 shares on or before April 1, 2013
c) $100,000 and 250,000 shares on or before April 1, 2014
Paficif Coast must incur $500,000 in exploration expenditures
each year for the first two years and expenditures of
$1,000,000 during the third year.
Pacific Coast can earn an additional 11% (bringing the
company's interest to 60%) by completing a pre-feasibility
study and issuing 2,000,000 shares on or before April
1 2015 and then a further 10% (bringing the company's
interest to 70%) by completing a feasibility study before
April 15, 2016.
If Marifil elects not to pay its 30% share of costs once
Pacific Coast has earned its 70% interest, then Pacific
Coast has the option of purchasing Marifil's 30% for
$5,000,000.
In such event, Marifil would retain a 3%
NSR, of which a first 0.5% could be purchased for
$1,000,000 and a second 0.5% could be purchased for
$2,000,000, thereby reducing Marifil's NSR to 2.0%.
It's just another plus for us!