RE: Look like DEC will get 80% Maybe its me and someone can help me but it would seem to me that decade should already own 80%. I have yet to find a NR stating that mountain boy has to spend any money on exploration.
this was on Sep 30 2009
Further to the Company’s news release dated September 3rd, 2009, wherein the Company announced that its partner, Mountain Boy Minerals Ltd. ("Mountain Boy"), had granted Decade an option to acquire an additional 20% interest in the Red Cliff project (the "Proposed Transaction"), on September 28, 2009, Mountain Boy advised Decade that the Proposed Transaction was conditionally approved by the TSX Venture Exchange (the "Exchange"), subject to: (i) Mountain Boy providing the Exchange evidence of value in respect of Red Cliff; and (ii), "disinterested" shareholder approval. Accordingly, Mountain Boy expects a special meeting of its shareholders to be held in January 2010 for the shareholders to consider the Proposed Transaction.
Pursuant to the option agreement between Decade and Mountain Boy dated October 28th, 2008, Decade is earning a 60% interest in the Red Cliff by spending $500,000 on the property before the first anniversary date of the agreement, $500,000 during the second year and $250,000 during the third year. Based on current exploration expenditures, Decade anticipates completing all three years of its earn-in requirements Decade has spent more than this i beleive.