Aurizon has signed a letter of intent with Azimut Exploration Inc. ("Azimut") and Everton Resources Inc. ("Everton"), whereby Aurizon can acquire up to an undivided 60 % ownership interest in the Opinaca property located in the James Bay area, 350 kilometres north of Matagami, Quebec. The Opinaca property is owned by Azimut and Everton as to an undivided 50% interest each and comprises 649 mining claims, covering 33,849 hectares, and is located in the area of Goldcorp's Eleonore project.
The key terms of the letter of intent are as follows:
- Aurizon can earn a 50% interest in the project by making cash payments totalling $580,000 and incurring expenditures of $6,000,000 over four years, including 5,000 metres of drilling by the second anniversary.
- Aurizon will be the operator during the earn-in period for the initial 50% interest in the project, after which a joint venture will be formed.
- After earning its initial 50% interest in the project, Aurizon may then elect to earn an additional interest of 10%, for a total interest of 60%, by making cash payments totaling $300,000 over three years from the election date, incurring expenditures totaling $3,000,000 over three years from the election date, and delivering an independent pre-feasibility study on or before the fourth anniversary.
- In addition, in the event that prior to the end of the eighth year of the initial option agreement, mineral resources of at least 2,000,000 ounces of gold, at an average grade of at least 6 grams of gold per tonne, are discovered, Aurizon shall make a payment of $1,500,000, payable in Aurizon Common Shares, subject to regulatory approval.
Aurizon may earn 60% of the Opinaca property and 65% of the Wildcat property comprising groups of claims blocks controlled by Azimut Exploration and Everton Resources. The property, which covers 56,791 hectares, is located in the James Bay area, Northern Quebec, bordering the Eleonore project owned by Goldcorp.
Year End 2012 Update
During the year, the Company made a cash payment of $120,000 and incurred $1.2 million of work expenditures on the Opinaca property.
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Information of a scientific or technical nature contained in this web site regarding the Rex South Property has been prepared under the supervision of Martin Demers, P. Geo., Exploration Manager of Aurizon and a Qualified Person under NI43-101.
This page last updated: April 19, 2013