The vendor, 133872 Canada Inc., is a private company controlled by a businessman from Val d’Or, Que. In order to earn its 25% interest in the claims, Ventex must make cash payments of $50,000 on signing of a formal agreement and $50,000 in 1990. The vendor will also receive 200,000 shares of Ventex and a 3% net smelter return royalty.
Golden Myra Resources (TSE) has also signed a letter of intent allowing it to earn a 25% interest in the 247 claims.
The property covers the northeasterly and southwesterly strike extensions of the copper, nickel, cobalt sulphide zone being explored by McNickel Inc. (COATS). Ventex and Golden Myra say they will begin exploring the claims immediately.
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