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Northern Abitibi Mining Corp. (TSXV:NAI) has received conditional approval from the TSX Venture Exchange for its option agreement to earn a 100-percent interest in the Ches copper-molybdenum-tungsten property in Central British Columbia.
Northern Abitibi Mining Corp. (TSXV:NAI) has received conditional approval from the TSX Venture Exchange for its option agreement to earn a 100-percent interest in the Ches copper-molybdenum-tungsten property in Central British Columbia.
The company has submitted a permit application to conduct exploration work on the property to the Ministry of Energy and Mines, and plans to commence its exploration program in summer 2014.
As quoted in the press release:
Northern Abitibi can earn a 100% interest in the Ches Property by making staged cash and share payments over 4 years totaling $50,000 cash and 1.6 million shares at a deemed value of $0.05 per share, and spending a total of $500,000 on exploration. Upon signing and receiving TSX Venture Exchange approval, Northern Abitibi must issue 350,000 Northern Abitibi shares, and the Company must spend $50,000 on exploration within the first year. The Vendors will retain a 2% net smelter royalty, three quarters of which can be bought back by Northern Abitibi for $2 million dollars.
Click here to read the Northern Abitibi Mining Corp. (TSXV:NAI) press release. 