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RJK Explorations Updates Progress on the On Strike Uranium Claim Groups in Ontario
KIRKLAND LAKE, ON, Sept. 17 /CNW/ - RJK Explorations Ltd. (RJX.A: TSXV) ("RJK") wishes to announc...
About this update from Rjk Explorations Ltd. Class A
[{"type":"text","content":"\n\n\n\nKIRKLAND LAKE, ON, Sept. 17 /CNW/ - RJK Explorations Ltd. (RJX.A: TSXV)\n("RJK") wishes to announce that Green Bull Energy Inc. ("GBE"), (a private\ncompany formerly known as Atomic Uranium Inc.) has updated the status of its 3\nyear option agreement to earn a 60% interest in RJK's On Strike North and On\nStrike South uranium claim groups in the east Bancroft area of Southeastern\nOntario.\n\n\nGBE has recently entered into a Qualifying Transaction agreement with TAC\nCapital Corp. (TAC.P: TSXV), a capital pool listed on the TSX Venture\nExchange. GBE also advises RJK that it has spent $125,000 to date on\nexploration over the claim groups with the intention of conducting more\nextensive exploration in the 2008-2009 season to fulfill its second year\nspending commitments. Their exploration included helicopter-borne radiometric\nsurveys of both the North and South On Strike groups which revealed many\nuranium showings and radiometric anomalies. RJK also understands that\nFrontenac Ventures Corporation, a private company holding a substantial\nuranium claim group bracketed on both sides by the On Strike North and South\nclaim groups, has now spent almost $5 million over the last two years on a\nvery aggressive exploration program.\n\n\nAt the request of GBE, RJK has agreed to adjust the On Strike property\noption agreements to read:\n\n\nFor the On Strike North Claim Group - GBE made an initial $25,000 cash\npayment, will incur up to $905,000 in expenditures and issue up to\n400,000 shares of Green Bull over a 42 month period.\n1. 100,000 shares and expenditures totaling $75,000 on the property from\n June 16, 2007 to August 31, 2008\n2. 150,000 shares and expenditures totaling $230,000 on the property from\n June 16, 2008 to August 31, 2009\n3. 150,000 shares and expenditures totaling $600,000 on the property from\n June 16, 2009 to August 31, 2010\nRJK Explorations Ltd. will retain a 1% net smelter royalty return subject\nto a buy-back by Green Bull of up to 0.5% with payments to $600,000.\n\nFor the On Strike South Claim Group - Green Bull made an initial $15,000\ncash payment, will incur up to $400,000 in expenditures, and issue up to\n225,000 shares of Green Bull over a three year period.\n1. Year One - 75,000 shares and expenditures totaling $30,000 on the\n property from October 11, 2007 to Octob...