Omni, Noranda in joint venture

Vancouver-based Omni Resources has signed a memorandum of agreement for a joint-venture project with Noranda Exploration on the latter’s precious metals Scar property in the Yukon.

The 34-claim property is located in the Wheaton River area, 30 mi south of Whitehorse. The claims are surrounded by Omni’s Skukum Creek property.

Omni may earn a 50% interest by spending $250,000 on the property. Once that spending level is reached, Noranda may elect to participate as a 50% joint-venture partner; if Noranda elects not to participate, Omni may earn a 75% interest by spending an additional $250,000. Thereafter, the agreement reverts, upon non-participation, to a 15% net profits interest. Omni is the operator and will manage the program.