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Noram Ventures Signs Letter of Intent with Western Graphite on the Kokanee Flake Graphite Property in the Slocan Mining Division of British Columbia
Noram Ventures Signs Letter of Intent with Western Graphite on the Kokanee Flake Graphite Prop...
About this update from Noram Lithium Corp
[{"type":"text","content":"Noram Ventures Signs Letter of Intent with Western Graphite on the Kokanee Flake Graphite Property in the Slocan Mining Division of British ColumbiaNoram Ventures Signs Letter of Intent with Western Graphite on the Kokanee Flake Graphite Property in the Slocan Mining Division of British Columbia\nDrill testing of EM anomaly in 2012 intersected significant graphite mineralization over strike length of 1,200 meters; zone remains open to the N & SW\nVancouver, British Columbia CANADA, August 15, 2013 /FSC/ - Noram Ventures Inc. (NRM - TSX Venture), is pleased to report it has signed a Letter of Intent (\"LOI\") with Western Graphite Inc. (\"Western\") to enter into a sub-option and joint venture agreement on the Kokanee flake graphite property (the \"Property\") located ~50 kilometers (km) northeast of the city of Nelson in the Slocan Mining Division of British Columbia. \nSubject to Noram and Western (the \"Parties\") completing their respective due diligence and receiving Board and regulatory approvals, the Parties will complete a definitive option and joint venture agreement (the \"Agreement\") as outlined below:\nGrant of Earn-in Option: \nNoram has an exclusive option to earn a 100% interest in the Property, with a final payment due in June 2014, and will grant to Western a sub-option (the \"Earn-in Option\") to earn a 50% interest in the Property. In order to exercise the Earn-in Option and acquire a 50% interest in the Property, Western will be required to complete each of the following earn-in stages (each, an \"Earn-in Stage\"):\na. Pay to Noram, on or before the 5th business day following receipt of the TSX Venture Exchange approval, the sum of $75,000 payable through the issuance of such number of common shares of Western (the \"Western Shares\") at a deemed price per Western Share to be mutually agreed upon by the Parties;\nb. Fund all costs associated with metallurgical testing on the Property 2012 drill core and surface samples to be completed by SGS Lakefield;\nc. Fund the next phase of resource definition drilling to be completed on the Property, and the sample analysis and metallurgical work to be carried out by SGS Lakefield in connection therewith; \nd. Fund the preparation of a National Instrument 43-101 compliant resource estimate and technical report in respect of the Property, to be completed by a geologi...