Blackstone Signs Letter of Intent on its Norbotten Project

Blackstone Ventures (TSXV:BLV) announced that it has signed a letter of intent with Thomas Mining Development, which states that whereby TMD can earn up to a 75% interest in Blackstone’s Norbotten iron-oxide-copper-gold project located in northern Sweden.

The press release is quoted as saying:

Under the terms of the agreement TMD can earn a 55% interest in the project by completing $5,000,000 in expenditures within four years of signing a definitive agreement. Upon completion of these expenditures a joint venture would be formed between TMD and Blackstone. TMD will have the option to increase its interest in the project to 65% by sole funding the cost of a pre-feasibility study. TMD will have an additional option to increase its interest to 75% by sole funding the cost of a bankable feasibility study. TMD is a private company which identifies and explores for high quality exploration projects worldwide for Cliffs Natural Resources.

To access the full release, click here.