An initial $500,000 is already available. To draw the next $1 million, Radisson must close its rights offering (filed Sept 8) by Oct 11 and ob tain confirmatio n from an independent laboratory on the gold recovery from the Duquesne mine.
To draw the last portion, $4.5 million, all technical data including the reserves included in the mine plan must be confirmed by the 10,000-tonn e bulk sample to undergo extraction late this year.
Other parts of the deal include securing a price protection agreement.
Also, Deak has been granted an option to purchase about 1.2 million Duquesne shares from Radisson and from the Duquesne treasury at $4.25 per share. Radisson has a 25% interest in the Destor Twp. mine project, and Duquesne a 75% interest.
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