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Strongbow Signs Option Agreement for Its Inza Cu-Au Project, British Columbia
Strongbow Exploration Inc. (CVE:SBW) reports it has entered an agreement for Inza Cu-Au project, BC, Canada.
The press release is quoted as saying:
Under the terms of the agreement, Xstrata may earn an initial 51% interest by making staged cash payments to Strongbow totalling $100,000 and incurring cumulative exploration expenditures totalling $1.1 million over a 4 year period. Upon vesting at a 51% interest in the property, a joint venture will be formed and Xstrata will maintain the right to earn a further 24% interest (75% interest total) by funding the completion of a pre-feasibility study and a feasibility study or incurring $20 million in expenditures towards the completion of a prefeasibility study and a feasibility study on the property.