LAST BUT NOT LEAST — Adrian options Panama concessions

Under an option agreement, Madison Enterprises (VSE) can acquire a 50% interest in the Belencillo concession in Panama.

To do so, it must pay Adrian Resources (VSE) $250,000 over four years, issue 200,000 of its shares over three years and spend $2.5 million on exploration over four years.

Adrian will be operator until the option is exercised. Subsequent exploration would be managed and funded by a joint venture between the companies. The 57,800-acre property is next to the advanced Petaquilla copper-gold project held by Adrian and Metall Mining (TSE).