Fancamp, Bold Ventures and KWG Update on Black Horse Chromite Deposit

Fancamp Exploration Ltd. (TSXV:FNC), Bold Ventures Inc. (TSXV:BOL) and KWG Resources Inc. (CSE:KWG), all of which are parties to the Black Horse chromite deposit, announced that they are reviewing opportunities to collaborate on the development of the deposit.
The three parties are related in the following ways:

The mining claims known as the Koper Lake Project, containing the Black Horse chromite deposit are held by Fancamp Exploration Ltd. (TSX VENTURE:FNC) (“Fancamp”) subject to an option agreement in favour of Bold Ventures Inc. (TSX VENTURE:BOL) (“Bold”). Bold, in turn, has given KWG Resources Inc. (CSE:KWG) (“KWG”) the right to earn up to an 80% operating interest under its option in the chromite resources and up to a 20% operating interest in all “other metals” while Bold will earn, upon KWG fulfilling the terms of the option agreement, up to a 20% carried interest in the chromite resources and up to an 80% operating interest in all “other metals” within the claims.

The press release also explains:

The parties have agreed to extend for one year all obligations and dates under the various agreements between them. As consideration for the extensions, KWG will issue 25 million common shares from its treasury to Fancamp, at a deemed value of $500,000, of which $300,000 will be credited as a reduction of the exploration expenditures under the agreements. Under the original terms, KWG and Bold were required to incur exploration expenditures of $8 million to earn a 50% interest in the Koper LakeProject. KWG has completed all but approximately $2.2 million of that obligation. That amount will now be reduced to approximately $1.9 million and KWG has until September 30, 2016 to complete the expenditures and acquire 80% of Bold’s interest in the chromite resources of the Black Horse chromite deposit. Should KWG not make the expenditures by September 30, 2016, Bold has until March 31, 2017 to complete the aggregate expenditures of $7.7 million to earn a 50% interest in the property from Fancamp. Bold is the operator of the Koper Lake Project.

Click here to read the full press release.