Perrex Resources to get interest in Yukon silver

Alberta-listed Perrex Resources and Yukon Minerals have agreed to allow Perrex to earn an undivided interest in a couple of silver properties in the Yukon.

Under the terms of the first agreement Perrex can earn a 50% interest in the 103-claim Oro Silver property near Rancheria, Yukon, by paying Yukon Minerals $500,000 and issuing 200,000 common shares over two years.

The $500,000 will be paid in equal segments over two years and when complete, any additional exploration will be on a joint venture basis.

Under the terms of a second agreement, Perrex can earn a 30% interest in Yukon Mineral’s Ketza silver property south of Ross River, Yukon, by spending $3 million by 1989. The payments will be made in three segments starting with $500,000 before Dec 31, 1987, $1 million in 1988 and $1.5 million in 1989.

Any additional exploration programs will be on a joint venture basis. The agreement also allows Yukon Minerals to retain 10,000 tons of Ketza ore.