Freeport may earn a 51% interest in the property by making a cash payment of $30,000(US) and spending $4 million on exploration work over a 5-year period. The company must spend $150,000 during the first year.
Freeport may earn an additional 24% interest in the property by spending $5 million.
The Cruce property consists of 84 unpatented claims and 220 acres of state land. Additional lands staked by Freeport are included in the agreement along with 11 Arizona prospecting permits.
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