Grande Portage Resources Ltd. (TSXV:GPG) announced that its wholly-owned Alaskan subsidiary has entered into a joint venture agreement with Quaterra Alaska Inc. (TSXV: QTA) for the Herbert Glacier gold project located near Juneau, Alaska.
As quoted in the press release:
GPG has acquired a 65% interest in the Herbert Glacier Project, and Quaterra retains a 35% interest. Grande Portage and Quaterra have formed the joint venture for the further exploration and development of the project, with each party bearing their proportionate share of such costs. If any party does not contribute their proportionate share of such costs, then the joint venture agreement includes a dilution formula whereby if any party’s interest is reduced to 10% or less, its interest will be automatically converted into a 1% net smelter returns royalty, which may be acquired by the other party at any time for US $1 million.
Click here to read the Grande Portage (TSXV:GPG) press release.
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|---|---|---|---|
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| Natural Gas | 7.86 | +0.12 | |