Drilling Commenced at Geologix’s RO Property, Nevada
Geologix Explorations Inc.(TSX:GIX, FWB:GF6) announced that Montezuma Mines Inc. commenced drilling on Geologix’s South Sleeper Project. Montezuma are operating under an Exploration and Option to Enter Joint Venture Agreement. Montezuma may earn 55% interest in the property by funding $3,000,000 over a 5 year period under the terms of the agreement.
As quoted in the press release:
Geologix Explorations Inc.(TSX:GIX, FWB:GF6) announced that Montezuma Mines Inc. commenced drilling on Geologix’s South Sleeper Project. Montezuma are operating under an Exploration and Option to Enter Joint Venture Agreement. Montezuma may earn 55% interest in the property by funding $3,000,000 over a 5 year period under the terms of the agreement.
As quoted in the press release:
Under the terms of the Agreement, Montezuma may earn a 55% interest in the RO Property by funding US$3,000,000 in qualified expenditures over a five year period (no interest is earned in the project by Montezuma until an aggregate US$3,000,000 has been expended). Montezuma may then elect to earn an additional 10% interest by completing a bankable feasibility study. Following completion of a feasibility study, Montezuma may elect to earn an additional 5% by arranging financing at its expense for the project through to commercial production. Alternatively, Montezuma and Geologix may form a Joint Venture to further explore the project.
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