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A definitive option agreement has been signed by Tarsis Resources Ltd. (TSXV:TCC) on its White River Property, Yukon, with Driven Capital Corp. (TSXV:DVV).
A definitive option agreement has been signed by Tarsis Resources Ltd. (TSXV:TCC) on its White River Property, Yukon, with Driven Capital Corp. (TSXV:DVV).
As quoted in the press release:
Under the terms of the option agreement, Driven can earn a 60% interest in the White River property by completing the following commitments before January 15, 2016:
Making cash payments to Tarsis of $400,000
Issuing two million Driven shares to Tarsis
Completing $4.25 million in exploration expenditures on the ProjectTarsis will retain a 2% NSR royalty on any minerals produced from the property, half of which may be purchased for $2 million by Driven.
Upon exchange approval, Driven will issue 250,000 shares and pay $50,000 to Tarsis and the first year’s work commitment is $500,000, including not less than 1,500 meters of drilling. Tarsis is assisting Driven with planning its 2012 exploration program.
Tarsis President & CEO, Marc Blythe said:
“We are very pleased to have optioned the White River project to Driven, which intends to explore it aggressively. Driven has adequate financing to complete the first year’s exploration commitment.”
Click here to read the Tarsis Resources Ltd. (TSXV:TCC) press release
Click here to see the Tarsis Resources Ltd. (TSXV:TCC) profile.