Business
Manado Options Takla Property
(via Thenewswire.ca) September 24, 2013 - Vancouver, British Columbia, Manado Gold Cor...
About this update from Insuraguest Technologies Inc
[{"type":"text","content":"Manado Options Takla Property(via Thenewswire.ca)\n\n \nSeptember 24, 2013 - Vancouver, British Columbia, Manado Gold Corp. (\"Manado\") (TSX-V: MDO) is pleased to announce that it has entered into an option agreement (the \"Agreement\") with CJL Enterprises Ltd. (the \"Optionor\") whereby the Optionor has granted Manado the right to acquire a 100% interest in five mineral claims called the Takla Property (the \"Property\") located in the Omineca Mining Division, British Columbia.\n\n\n \nUnder the terms of the Agreement, Manado will be able to acquire a 100% interest in the Takla Property by making aggregate cash payments of $150,000, issuing an aggregate of 600,000 common shares and incurring $250,000 exploration expenditures over four years as follows:\n\n\n \n\n(a)paying $10,000 and issuing 100,000 common shares on the date of TSX Venture Exchange acceptance of the Agreement; \n\n\n\n\n(b)paying $20,000 and issuing 100,000 common shares by the first anniversary of the Agreement; \n\n\n\n\n(c)paying $30,000, issuing 100,000 common shares and incurring an additional $250,000 of exploration expenditures by the second anniversary of the Agreement; \n\n\n\n\n(d)paying $40,000 and issuing 100,000 common shares by the third anniversary of the Agreement; and \n\n\n\n\n(e)paying $50,000 and issuing 200,000 common shares by the fourth anniversary of the Agreement. \n\n\n\nIn addition, the Optionor will retain a 2% net smelter return royalty (the \"Royalty\") on the Property. Manado may repurchase each 1% of the Royalty by making separate cash payments of $1,000,000 to the Optionor.\n\n\n \nCommencing on the fifth anniversary of the Agreement, Manado will be required to pay to the Optionor an annual advanced royalty payment of $10,000 (which the Optionor may elect to receive common shares of Manado). All advance royalty payments will be credited to and recoverable from any future Royalty payable to the Optionor. The advance royalty payment will cease upon commencement of commercial production.\n\n\n \nThe Agreement is subject to Manado obtaining approval from the TSX Venture Exchange.\n\n\n \nAbout the Takla Property\n\n\n \nThe Takla Property is comprised of five mineral claims, totaling 4,198 hectares (10,374 acres), located in the Omineca Mining Division, B.C. The region was first prospected in the mid-1800's for its placer gold and...