RE: RE: RE: RE: RE: 30 days is up today? Harry was on the board of Candor Ventures Corp. back in 2002. So for all I could find up to 2002 was this.
Holyrood Property
The Corporation entered into an option agreement dated November 1, 2001 with Phelps
Dodge, whereby it can earn a 100% interest in the Holyrood property on the Avalon Peninsula of
Newfoundland (the "Holyrood Property").
The Holyrood Property consists of three licenses totalling 144 claims (3,600 ha) and is
located approximately 30 km south of St. John's. The Corporation can earn its interest by
spending $250,000 over four years provided that these expenditures include a minimum of 500
metres of drilling. The Corporation's interest is subject to a 2% net smelter return ("NSR")
royalty due upon commercial production, half of which may be bought out by making a cash
payment in the amount of the greater of the net present value of 1% of the NSR royalty or
$1,000,000. Phelps Dodge may elect to earn back a 40% interest in the Holyrood Property by
spending $600,000 on exploration. If it elects to do so, a joint venture would be established with
the Corporation as the project manager. The Holyrood Property is not material to the Corporation
as at June 30, 2002.