Business
JBZ Capital Inc. enters into letter of intent to acquire interest in potash exploration project in the Northern Territory, Australia.
VANCOUVER, Aug. 23, 2011 /CNW/ - JBZ Capital Inc. (TSX-V: JBZ) ( "JBZ" ), or the ( "Com...
About this update from Revival Gold Inc
[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, Aug. 23, 2011 /CNW/ - JBZ Capital Inc. (TSX-V: JBZ) (\"JBZ\"), or the (\"Company\") is pleased to announce that its wholly-owned subsidiary, Strata\n Minerals Ltd. (\"Strata\"), has entered into a form of letter of intent agreement, known as a\n Heads of Agreement (\"HOA\"), with Australian based Universal Splendour Investments Pty Ltd (\"USI\"), in connection with USI's potash exploration project in the Gulf of\n Carpentaria region in the Northern Territory of Australia (the \"Project\").\n\n\nThe HOA provides Strata with an exclusive three month period to conduct\n due diligence on the Project, following which Strata has the option to\n enter into a joint venture with USI (the \"JV\") to explore and develop the Project.  Under the proposed terms of the\n JV, Strata can earn a 90% interest in the Project in exchange for\n spending AUD$250,000 on exploration and, subject to approval of the TSX\n Venture Exchange, issuing USI one million common shares of JBZ at a\n deemed price to be determined by the market price of JBZ's common\n shares at the time of issuance.  If a feasibility study is commenced on\n the Project, USI may elect not to fund its pro rata share of the JV\n costs.  USI's remaining interest in the JV would then be converted to a\n 2.5% net profit interest over future mineral production, other than\n manganese, and Strata would own to a 100% interest in the Project. \n Strata is expected to act as manager of the JV and the JV is expected\n to hold all mineral rights on the Project, other than manganese.\n\n\nNigel Gellard, JBZ's President and CEO, stated, \"The Gulf of Carpentaria\n project is strategically located approximately 25 km from the northern\n coast of Australia, and, as set forth below, has historical exploration\n results showing significant levels of potassium mineralisation in drill\n holes and surface samples.  This is an attractive opportunity for the\n Company to pursue with the potential to be an important addition to our\n current portfolio of projects focused on agricultural nutrients in the\n South East Asia region.\"\n\n\nGulf of Carpentaria Project \n\n\nLocation\n\n\nThe Project lies along the western side of the Gulf of Carpentaria in\n the Northern Territory state of Australia. The exploration licence area\n (the \"EL\"), located approximatel...