Business
Nubian completes acquisition of nine properties in Nevada, Montana, New Mexico and Idaho, USA
ABBOTSFORD, BC, Nov. 1, 2011 /CNW/ - Nubian Resources Ltd (TSX.V:NBR) is pleased to announce ...
About this update from Carlton Precious Inc
[{"type":"text","content":"\n\n\n\n\n\nABBOTSFORD, BC, Nov. 1, 2011 /CNW/ - Nubian Resources Ltd (TSX.V:NBR) is\n pleased to announce the acquisition of a portfolio of nine exploration\n properties situated in Nevada, Montana, New Mexico and Idaho, USA, from\n Timber Wolf Minerals Ltd.\n\n\nThe portfolio consists of nine separate properties with unpatented\n claims on gold and base metals targets which include Excelsior Springs,\n Nevada and Worthing Canyon (Sedex), Idaho, where Nubian Resources Ltd\n is the lessee. One additional property has been leased out and one\n sold, subject to certain payment conditions.\n\n\nThe transaction includes Excelsior Springs in Esmeralda County, Nevada\n over which Nubian entered into a lease agreement with Timber Wolf\n Minerals in August 2010, and subsequently concluded a 30/70 Joint\n Venture agreement with Paradigm Minerals (USA) Corporation (a\n wholly-owned subsidiary of Global Geoscience Ltd., a public company\n listed on the Australian Securities Exchange) regarding exploration of\n the property. Updated promising drill results were reported in\n September 2011. With the acquisition of the Excelsior Springs property,\n Nubian becomes the sole owner of any Net Smelter Royalty due on the\n unpatented claims of Excelsior, and on the other properties in the\n Timber Wolf Minerals portfolio.\n\n\nThe transaction price for 100% ownership of the 217 unpatented claims on\n the nine properties is USD $260,000. USD $100,000 will be paid on\n closing of the transaction and the remainder is payable in 36 monthly\n installments of USD $ 4,618 per month, including interest at 2.5% per\n annum.\n\n\nNubian has also arranged a placement of $130,000 in principal amount of\n convertible notes with its directors and officers.  The notes will have\n a term of 2 years, bear interest at 10% per annum compounded and\n payable annually, and be convertible at the option of the holder into\n common shares at a price of $0.18 per share.  The offering remains\n subject to Exchange approval.\n\n\nNubian still has property interests in the DRC and Zambia and is in the\n process of re‐organizing the interests. The company has 7.2 million\n shares outstanding; net cash and receivables of approx. CAD $1.1\n million, and a Board with extensive mining and geological expertise. \n For further information, please visit Nubian'...