Mineta, Auden amend deal

Under an amended agreement between Glen Auden Resources (TSE) and Mineta Resources (VSE), Mineta can purchase, at any time, a 2% net smelter royalty on the partners’ 25-claim property in Casa Berardi Twp., Que., for $500,000. The royalty may in turn be purchased by Glen Auden or its successors and associates on a first rights of refusal from Mineta.

Glen Auden retains the right to earn a 60% interest in the gold property by spending $550,000 by July 31, 1994. If, after the joint venture is formed, Mineta does not contribute to any further exploration, Mineta will dilute to a 2% net smelter return which can be purchased by Glen Auden for $500,000. The amendments were made after Mineta obtained title on the remaining half of the property from its former joint venture partner.