An agreement whereby Camindex Mines could earn a one-third interest in the properties of Dundee-Palliser Resources in the Casa Berardi area of Quebec in exchange for expenditures of $1,340,000 to be incurred by Camindex before Feb 28, 1988, for exploration on the properties, has been entered into by the two companies.
The agreement, subject to all necessary approvals, also provides that after Feb 28, 1988, both Camindex and Dundee shall have the right to require the conversion of the interest earned by Camindex in the Casa Berardi properties into common shares of Dundee on the basis of one common share of Dundee for each 60 cents spent by Camindex for the exploration of the properties.
Camindex has a 43% interest in the common shares of Dundee and would be in a position to increase that interest to 61% if it converts the interest in Casa Berardi properties which it may earn because of the agreement.
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