RE:KWG/BOLD-Black HorseI expressed my opinion earlier saying that KWG/BOL would want to opt out delivering the positive feasibility study (only a month away) for option 2 fulfillment. Perhaps, they also want to extend the deadline for option 1 agreement which need to incur further 2.2 million (of 8 million) spending on the property. Fancamp can unload RGX shares to cover on-going expenses.
I was rather betting on the new gold discovery in its Northwest property and its Robidoux property in western Gaspe. Gold discovery usually starts with finding new gold bearing veins. Fancamp found at least several veins in those two properties and it is rare to find visible golds without using microscope lenses. It is worth waiting for analyst results that will be announced in January. This will surely make us happy.....
January 14, 2013 TSX Trading Symbol: FNC S.E.C. Exemption: 12(g)3-2(b)
Fancamp options remaining 40% interest in Koper Lake Project from the emerging Ring of Fire multi-mineral district to Bold Ventures
Fancamp Exploration Ltd. (“Fancamp” or the “Company”) is pleased to report the signing of an agreement (the “Amended Agreement”) with Bold Ventures Inc. (“Bold”), as announced by Bold on January 7, 2013. The Amendment Agreement extends the terms of the original Earn-In Option Agreement as announced in the Company's press release of May 7, 2012 giving Bold two options permitting Bold to earn up to a 100% working interest in the Koper Lake Project (the “Project”). The additional two options apply for a period of 90 days following the date Bold earns its 60% interest.
Under the original Earn-In Option Agreement announced May 7, 2012, Bold can earn its initial 50% interest in the Project by making option payments totalling $1,500,000 and expending $8,000,000 on exploration of the Property over 3 years after which a 50/50 joint venture would be formed between Bold and Fancamp. Bold has already made the first $300,000 option payment. Bold can then earn a further 10% interest by making a further $700,000 option payment and delivering a positive feasibility study. The remaining option payments can be made in cash or common shares of Bold at Bold's option.
Bold can earn a further 20% interest in the Property by paying Fancamp $15,000,000 payable in equal installments over 3 years with half of the amount payable in cash and the balance payable, at Bold's option, through the issuance of common shares of Bold at the market price at the time the shares are issued. At that point, Fancamp would retain a 20% carried interest in the Koper Lake Project.