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Geomega Resources Inc. (TSXV: GMA) finalizes Option and Joint Venture agreement with NioGold Mining Corp. (TSXV: NOX) for exploration on the Montviel and Pump Lake REE properties, add third option to earn up to 100%
Geomega Resources Inc. (TSXV: GMA) finalizes Option and Joint Venture agreement with NioGold Mini...
About this update from Geomega Resources Inc.
[{"type":"text","content":"\n\n\n\n Nov. 11, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nMONTREAL, Nov. 11 /CNW Telbec/ - GEOMEGA RESOURCES INC. ("Geomega" or the "Company") announces the signing of the Option and Joint Venture agreement (the\n "Agreement") between Geomega and NioGold Mining Corp. ("NioGold") which gives Geomega the right to earn up to a 75% interest in the\n Montviel and Pump Lake REE properties (the "Properties") by expending\n C$3,350,000 over four years and issuing 1,500,000 common shares over\n three years. The Company also announced the addition of a third option\n providing Geomega the right to purchase the remaining 25% interest in\n the Properties ("Third Option").\n\n\nUnder the terms of the Agreement, upon having completed the earn-in\n process of up to 75% interest in the Properties, Geomega, at its\n discretion before or on the seventh (7) anniversary of the Agreement,\n can purchase the remaining 25% interest in the Properties by paying an\n amount of C$13,500,000 to NioGold. The remaining interest in the\n Montviel and Pump Lake properties can be purchased separately for\n C$9,000,000 and C$7,500,000 respectively. The Third Option is payable\n in cash or treasury common shares of Geomega and is prorated based on\n the remaining interest of NioGold. NioGold elects the payment method on\n half (50%) the amount and Geomega elects the payment method on the\n other half (50%). In the event Geomega exercises the Thi...