Sanatana Resources Inc V.STA

Alternate Symbol(s): SADMF

Metals & Mining Gold

Sanatana Resources Inc. is a mineral exploration and development company. The Company is engaged in the acquisition, exploration and development of exploration and evaluation assets. Its principal project is the Oweegee Dome copper-gold porphyry property. The Oweegee Dome copper-gold porphyry property is situated 40 km east of the KSM - Brucejack - Treaty Creek cluster of base and precious metal deposits and is underlain by similar geologic conditions, Stuhini Group (Tiassic age) host rocks, intrusions of the right age, alteration and porphyry style copper, gold, silver, and molybdenite mineralization. Its Santoy property is located on the northern shores of Lake Superior, 20 km east of Terrace Bay via Highway 17, Ontario, which covers an area of 551 hectares (1,362 acres) made up of 32 cell mining claims. Its Gold Rush Project is located 25 kilometers (km) west-northwest (WNW) of the city of Timmins, Ontario. Its other properties include Fortune and Empress.

TSXV:STA - Post by User

Sanatana Resources Inc

Bullboard Posts

Post by FratzyBottFishon Jun 22, 2017 9:59am

157 Views

Post# 26391853

Sanatana option agreements for Jackfish property

2017-06-21 17:52 ET - Property Agreement

The TSX Venture Exchange has accepted for filing documentation pertaining to an agreement dated Feb. 3, 2017, between Sanatana Resources Inc. and Alto Ventures Ltd., an agreement dated Jan. 23, 2017, between Sanatana Resources and Rudolf Wahl, and an agreement dated Jan. 23, 2017, among Sanatana Resources, Wayne Richards, Francine Richards and James Hamel.

Pursuant to the agreements, Sanatana Resources may acquire a 100-per-cent interest in the Jackfish property in Ontario.

To earn a 100-per-cent interest in the property under the agreements, Sanatana Resources must:

Pay cash consideration of $375,000 over a 24-month period;
Issue 10.5 million common shares over a 24-month period;
Reimburse exploration expenditures of $20,000 on closing;
Incur exploration expenditures of $600,000 over a 24-month period;
Pay cash of $1-million following receipt of a positive feasibility study;
Pay a net smelter return royalty on metals of 2 per cent to Mr. Wahl and Mr. Richards, and a gross overriding royalty on diamonds of 2 per cent to Mr. Wahl, all of which have an option to reduce these royalties to 1 per cent for cash payments of $1-million to each party;
Pay an NSR royalty on metals of 1 per cent to Alto Ventures, for which a 2-per-cent NSR royalty already exists in a previous assignment agreement and which royalty has an option to be reduced to 1 per cent for cash payment of $1-million;
Pay an additional NSR royalty to Alto Ventures of 0.33 per cent, to Mr. Wahl of 0.33 per cent and to Mr. Richards of 0.34 per cent on any new property acquired within the area of interest contemplated in the option agreements.