A lot of money in play
Terms of the Option Agreement: Terms include a down payment of $80,000, a first year anniversary payment of $100,000, subsequent annual payments of $200,000 and the issuance of 600,000 shares in 5 increments of 120,000 per year. Annual payments are capped when the total of annual payments plus royalties reaches $5,000,000. The Company's ownership interest is subject to a retained 3% Net Smelter Royalty (NSR). The NSR is payable as to 1% to Cyprus Gold Exploration Corporation and 2% to the property vendors (a group of Montana individuals). A provision to reduce the vendors 2% royalty to 1% in the third year upon the payment of $500,000 is included. The option agreement is subject to the approval of the TSX Venture Exchange
GuyF