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Canadian International Minerals Inc. (CIN-TSX.V) Joint Ventures Land Package in Emerging Patterson Lake Uranium Camp in Saskatchewan to Rio Grande Mining Corp. (RGV-TSX.V)
(via Thenewswire.ca) Canadian International Minerals Inc. (CIN-TSX.V, the "Company") is pleas...
About this update from Egr Exploration Ltd
[{"type":"text","content":"Canadian International Minerals Inc. (CIN-TSX.V) Joint Ventures Land Package in Emerging Patterson Lake Uranium Camp in Saskatchewan to Rio Grande Mining Corp. (RGV-TSX.V)(via Thenewswire.ca)\n\n \nCanadian International Minerals Inc. (CIN-TSX.V, the \"Company\") is pleased to announce that it has entered into an option agreement with Rio Grande Mining Corp. (RGV-TSX.V, \"RGV\") pursuant to which CIN has granted RGV an option (the \"Option\") to acquire an undivided 75% interest in certain mineral claims (the \"Property\"). The option agreement is subject to the acceptance of the TSX Venture Exchange (the \"Exchange\"). The Property comprises two claim groups: Britts Lake East and Firebag East/Descharme, totalling 15 claims covering an area of 18,041 hectares located on a south west trend approximately 35 km south-southwest of the Patterson Lake South uranium discovery.\n\n \n \nIn order to exercise the Option, RGV must make the following payments and share issuances to CIN:\n\n \n \n-$10,000 upon execution of the Option agreement (paid);\n\n\n \n-$15,000 and 250,000 common shares upon acceptance of the Option agreement by the Exchange;\n\n\n \n-$25,000 upon closing of the next equity financing of RGV;\n\n\n \n-$50,000 and 250,000 common shares within six months of the date of the Option agreement.\n\n\n \nRGV must also incur the following in exploration expenditures on the Property:\n\n \n \n-$250,000 on or before the first anniversary of the Option agreement;\n\n\n \n-$500,000 on or before the second anniversary of the Option agreement; and\n\n\n \n-$1,500,000 on or before the third anniversary of the Option agreement.\n\n \n \nThe Property is subject to a 2% NSR royalty in favour of CIN, of which RGV can purchase up to half (being 1%) in consideration of $1,000,000.\n\n \n \nThe claims were staked by CIN for their proximity to the PLS discovery and for the interpreted favourable geology for the occurrence of PLS style uranium mineralization. A winter radon, helium, and lake sediment exploration program is planned for January 2014. CIN will be the operator of the program.\n\n \n \nSalient points on the Property:\n\n \n \n\n\n1.Several significant magnetic low structures (first derivative) that originate in the Patterson Lake discovery area continue onto the CIN claims (GSC Open File 5675) \n\n\n\n \n \n\n\n2.Geological mapping...