To earn an initial 30%, Nora must pay South African-based Woduna Mining Holding $1.1 million in cash and spend $250,000 on exploration by mid-2000. An additional 40% will be granted in exchange for payments totalling $825,000.
The property, known as Block J, is between mining grants owned by
Under the deal, which has yet to be approved by regulators, Nora will be made operator. Meanwhile, the company is awaiting results from a geophysical survey carried out by Marine & Coastal Geo-Consultants.
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