Business
Helio acquires strategic licence adjacent to the SMP Gold Project, Tanzania
VANCOUVER, Oct. 16 /CNW/ - Helio Resource Corp. ("Helio" or the "Company") (TSX-V: HRC) is please...
About this update from Winshear Metals Corp.
[{"type":"text","content":"\n\n\n\nVANCOUVER, Oct. 16 /CNW/ - Helio Resource Corp. ("Helio" or the\n"Company") (TSX-V: HRC) is pleased to report that it has signed a binding\nLetter of Intent with Thorntree Minerals Limited, a private Tanzanian mining\ncompany, whereby Helio can earn a 100% interest, subject to a 2% Royalty, in\nthe 34km(2) Saza West licence, located immediately west of Helio's SMP Gold\nProject in the Lupa Goldfields, SW Tanzania.\n\n\nHighlights of the transaction include the following:\n\n- Helio now controls all of the main areas of the former "New Saza\n Mine" which produced 270,000 ounces of gold at an average grade of\n 7.5g/t Au between 1939 - 1956;\n\n- The SMP Gold Project now covers 34km of strike length of the Saza\n Shear Zone, the main known gold bearing structure in the region;\n\n- Previous work conducted by AngloGold Ashanti in the late 1990s\n (including soil sampling, trenching and RAB drilling) has identified\n numerous drill-ready targets;\n\n- There are no minimum annual exploration expenditures under this\n agreement.\n\n- Helio has the option to reduce the royalty from 2% to 1% by paying\n Thorntree C$1,000,000 in cash prior to commencement of production,\n and has the first right of refusal on the remaining royalty.\n\nA map of the new project configuration is presented in the link below:\nhttp://www.helioresource.com/i/pdf/2008-10-16_NRM1.pdf\n\nTo vest its interest, Helio must make optional share and cash payments to\nThorntree totalling C$25,000 and 1,025,000 shares over a 4 year period, as\nfollows:\n\n-------------------------------------------------------------------------\n Timing Cash Shares\n-------------------------------------------------------------------------\n Successful Completion of Due Diligence(x) C$25,000 150,000\n-------------------------------------------------------------------------\n 1st Anniversary 125,000\n-------------------------------------------------------------------------\n 2nd Anniversary 125,000\n-------------------------------------------------------------------------\n 3rd Anniversary 125,000\n-------------------------------------------------------------------------\n 4th Anniversary 500,000\n-------------------------------------------------------------------------\n TOTAL C$25,000 1,025,000\n-------------------------------------------------------...