Vancouver — Northern Empire Minerals (NEM-V) and Shear Minerals (SRM-V) have decided to team up to explore the Tumik diamond property in Canada’s far north.
The companies will run a $50,000 till sampling program over the 16,000-ha property. After which, Empire and Shear will have the right to pick up 100% of the project by issuing 100,000 shares each.
The newly formed joint venture also agreed to issue a bonus of 50,000 shares in each of the companies for every kimberlite found in the project area, plus an additional 50,000 shares apiece for each diamondiferous kimberlite. The bonus program is capped at 250,000 shares for each company. The vendor retains both a 1% royalty on all diamond production and the rights to gold exploration on the property. Shear and Empire get a 1% net smelter royalty on any gold production.
Included in the deal is a geophysical database covering some 100,000 ha. With some of the ground open, the partners want to evaluate the data before releasing the exact location of the project.
Be the first to comment on "Empire and Shear team-up"