Encore Renaissance amending agreement for Bonaparte
2010-02-18 17:07 ET - Property Agreement
The TSX Venture Exchange has accepted for filing an amendment agreement dated Feb. 9, 2010, between the Encore Renaissance Resources Corp. (the company) and BCT Mining Corp., whereby the company was granted the option to acquire up to a 60-per-cent interest in certain claims that make up the property known as the Bonaparte mine, located near Kamloops, B.C. (the Bonaparte property). The amendment allows the company to reduce its exploration expenditures within the second year (phase II) from $1.22-million to $225,000, by issuing additional 2.5 million shares and incurring additional cash payment of $250,000. Further, there are no longer any work cost requirements in phase III. Under the amendment, the company may increase its total interest in the Bonaparte property from 60 per cent to 75 per cent for an additional payment of $7.5-million in cash and 10 million shares.