will be held at months end, therefore anxious to see new presentation with only 5 gold payments left and debentures for debt and $60,000,000.00 in the account.I wish I could say that we will sneak by the big guy's but with recent activity on Explore Resources property by Teck Resources this big fish with 1.7 billion in cash hasn't been attracted to our pond to just Explore.I hope i'm wrong but nothing we can do as we are fish bait to the almighty shark.GLTAL
Explor Signs Option Agreement and Private Placement for the Timmins Porcupine West Property
ROUYN-NORANDA, CANADA--(Marketwired - Dec. 29, 2014) - Explor Resources Inc. ("Explor" or "the Corporation") (TSX VENTURE:EXS)(OTCQX:EXSFF)(FRANKFURT:E1H1)(BERLIN:E1H1) is pleased to announce that it has signed an option agreement with Teck Resources Limited ("Teck") whereby Teck could earn up to a 70% interest in the Timmins Porcupine West gold property (the "Property"), located in the Timmins-Porcupine Mining Camp in Ontario.
First Option
Explor grants Teck the option to acquire an initial 55% interest in the Property (the "First Option") which Teck may exercise by incurring an aggregate of CDN$8,000,000 in committed and optional expenditures by May 1, 2019 (the "due date"). If Teck does not incur the listed expenditures by their due date, Teck may pay cash in lieu of the shortfall to maintain the First Option. Teck may terminate the First Option at any time prior to exercising the First Option, so long as Teck returns the Property within 30 days in good standing.
Second Option
Teck will have a further option (the "Second Option") to earn an additional 15% interest in the TPW Property (the "additional Interest") by sole funding an additional $4 million in expenditures prior to May 1, 2022, for an aggregate of $12 million on the Property prior to May 1, 2022. If Teck does not incur the listed expenditures by their due date, it may pay cash in lieu of the shortfall to maintain the Second Option. If Teck exercises the Second Option the Property shall be owned as to Teck 70% and Explor 30% interest.