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Nortec Minerals Corp. (CVE:NVT) announced that it has received the first option payment consisting of $900,000 cash and $500,000 in shares of Otterburn Ventures Inc. (CNQ:OTB)
The press release is quoted as saying:
The Option and Joint Venture Agreement gives Otterburn the option to earn up to an 80% interest in Nortec’s Läntinen Koillismaa project, a 100 % owned palladium-platinum–gold–copper-nickel property (“LK Project”), located in north central Finland. The LK project comprises of the following target areas (exploration claims and exploration claim applications): Kaukua, Haukiaho, Haukiaho East, Lipeävaara and Murtolampi Targets.
Otterburn can earn an initial 49% interest in the LK Project by: a) making payments totalling $4.5 million in cash to Nortec; b) issuing the equivalent of $2 million in shares of Otterburn; and, c) spending $5 million on exploration within 24 months, including a minimum of $2 million in the first 12 months.
Click here to access the entire news release.
