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Noram Ventures Signs Letter of Intent with Refmin China on the Jumbo Flake Graphite Property in the Slocan Mining Division of British Columbia
Noram Ventures Signs Letter of Intent with Refmin China on the Jumbo Flake Graphite Property i...
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[{"type":"text","content":"Noram Ventures Signs Letter of Intent with Refmin China on the Jumbo Flake Graphite Property in the Slocan Mining Division of British ColumbiaNoram Ventures Signs Letter of Intent with Refmin China on the Jumbo Flake Graphite Property in the Slocan Mining Division of British Columbia\nRefmin is a manufacturer and distributor of vital raw materials including graphite to a diverse group of industries internationally\nVancouver, British Columbia CANADA, October 10, 2013 /FSC/ - Noram Ventures Inc. (NRM - TSX Venture), (\"Noram\" or the \"Company\")is pleased to report it has signed a Letter of Intent (\"LOI\") with Refmin China Co., Limited (\"Refmin\") to enter into a sub-option and joint venture agreement on the Jumbo flake graphite property (the \"Property\") located approximately 15 kilometres southwest of the town of Nakusp, British Columbia.\nNoram currently holds an exclusive option to earn a 100% interest in the Property, and will grant to Refmin a sub-option (the \"Earn-in Option\") to earn up to a 50% interest in the Property. In order to exercise the Earn-in Option and acquire a 50% interest in the Property, Refmin will be required to: (1) contribute their knowledge and expertise in the manufacturing and marketing of graphite products; and (2) fund all costs with respect to the development of a mine for the Property (the \"Development Costs\"), subject to Noram providing to Refmin a National Instrument 43-101 compliant feasibility study on the Property.\nPursuant to the terms of the LOI, upon completion of the development of a mine for the Property, or at such time Refmin chooses to terminate funding of the Development Costs, Refmin will be deemed to have exercised the Earn-in Option and to have earned such right, title and interest in the Property in proportion to the Development Costs borne by it. Refmin and Noram (the \"Parties\") shall then form a joint venture pursuant to the terms of a joint venture agreement to be entered into at such time. The LOI further provides that upon commencement of commercial production from the Property, all profits available for distribution shall first be distributed to the Parties in proportion to their investment in the exploration and development of the Property prior to formation of the joint venture. Once such investments have been reimbursed, all distributions shall be made to th...