Business
Metalex announces purchase of Arctic Star's interests in the company's projects
KELOWNA, BC, Oct. 6, 2011 /CNW/ - Metalex Ventures Ltd . (TSXV : MTX) (the "Company") is ple...
About this update from Metalex Ventures Ltd.
[{"type":"text","content":"\n\n\n\n\n\nKELOWNA, BC, Oct. 6, 2011 /CNW/ - Metalex Ventures Ltd. (TSXV : MTX) (the \"Company\") is pleased to announce it has reached an\n agreement with Arctic Star Exploration Corp. (\"Arctic Star\") (TSXV:\n ADD) whereby the Company would acquire all of Arctic Star's remaining\n joint venture interests in the Company's Kyle Lake (T1 and U2), James\n Bay Lowlands and Attawapiskat projects (the \"Projects\").\n\n\nAs consideration for the transfer of Arctic Star's interests in the\n Projects, the Company is to pay Arctic Star the sum of C$264,861.63.\n Also pursuant to the agreement, the Company will pay Arctic Star a\n further C$2,000,000 in circumstances where a mine is put into\n production on the claims comprising the Kyle Lake project. Such payment\n is to be made over time from one half of the profits received by the\n Company from such production.\n\n\nNeither the TSX Venture Exchange nor its Regulation Services Provider\n (as that term is defined in the policies of the TSX Venture Exchange)\n accepts responsibility for the adequacy or accuracy of this release.\n\n\n","length":1258,"tagName":"div"}]