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Canadian International Minerals Inc. and North Arrow Minerals Inc. Sign Letter of Agreement Regarding Pikoo Extension A and B Properties
(via Thenewswire.ca) British Columbia / TNW-ACCESSWIRE / SEPTEMBER 23, 2014 / Vancou...
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[{"type":"text","content":"Canadian International Minerals Inc. and North Arrow Minerals Inc. Sign Letter of Agreement Regarding Pikoo Extension A and B Properties(via Thenewswire.ca)\n \n \nBritish Columbia / TNW-ACCESSWIRE / SEPTEMBER 23, 2014 / Vancouver, - Canadian International Minerals Inc. (\"CIN\" or the \"Company\") (TSX-V: CIN) is pleased to announce that it has signed a Letter of Agreement (\"LOA\") with North Arrow Minerals Inc. (\"North Arrow\") which forms the basis for the terms of an agreement by which North Arrow can earn a 70% interest in CIN's Pikoo Extension A and B properties (the \"Properties\").\n\n \n \nThe Properties\n\n \n \nThe Pikoo Extension A and B properties are comprised of 5 claims totalling 3,447 hectares. The A group directly adjoins North Arrow's Pikoo property, and the B group lies approximately 7 km northeast of North Arrow's northern boundary. The Properties are 100% owned by CIN, with no underlying royalties. A map of the properties can be found on the Company's website. \n\n \n \nThe Option\n\n \n \nUnder the terms of the LOA, North Arrow may earn a 70% interest in the Properties by:\n\n \n \n\n\n-Reimbursing claim staking costs; and\n\n\n\n \n \n\n\n-Funding exploration and evaluation of the Properties to a Discovery (as defined below) on any of the Properties within a three year period (the \"Option Period\").\n\n\n\n \n \nDefinition of Discovery\n\n \n \nFor the purpose of exercising the Option, Discovery shall be defined as follows:\n\n \n \n\n\n-Discovery of kimberlite by drilling; and\n\n\n\n \n \n\n\n-Testing of the kimberlite for diamonds by way of industry standard caustic fusion analysis, subject to North Arrow's sole determination that sufficient kimberlite is available for a meaningful sample.\n\n\n\n \n \nRoyalty\n\n \n \nIn the event North Arrow completes the Option and has earned a 70% interest in the Properties, the Properties shall be subject to a 2.0% Gross Overriding Royalty (\"Royalty\") on diamonds in favour of CIN. For certainty, the Royalty shall be in addition to CIN's retained 30% interest in the Properties and will apply to 100% of proceeds from the Properties including CIN's retained interest. North Arrow shall retain the right to purchase 1.0% of the Royalty at any time for CAD $1,000,000.\n\n \n \nExploration Timeframe\n\n \n \nNorth Arrow will conduct an initial evaluation of the Prope...