From the Wires
Bold Ventures Acquires Option to Earn Up to 100% Interest in Koper Lake Project
By: Marketwired .
Jan. 7, 2013 05:44 PM
TORONTO, ONTARIO -- (Marketwire) -- 01/07/13 -- Bold Ventures Inc. (TSX VENTURE:BOL) ("Bold" or the "Company") is very pleased to announce that it has signed an agreement with Fancamp Exploration Ltd. ("Fancamp") giving Bold the option to earn up to a 100% working interest in the Koper Lake Project (the "Property"). The Amendment Agreement amends the terms of the Earn-In Option Agreement announced in the Company's press release of May 7, 2012 to provide that once Bold has earned its 60% interest in the Koper Lake Project, it will then have two options for a period of 90 days following the date it earns its 60% interest. First, it can earn a further 20% interest in the Property by paying Fancamp $15,000,000 payable in equal installments over three years with half of the amount payable in cash and the balance payable, at Bold's option, through the issuance of common shares of Bold at the market price at the time the shares are issued with Fancamp retaining a carried interest (the "Carried Interest") in the Koper Lake Project. If the first option is exercised, Bold would then have the additional option to acquire from Fancamp the Carried Interest in exchange for a Gross Metal Royalty ("GMR") payable to Fancamp resulting in Bold holding a 100% interest in the Koper Lake Project. Fancamp would then be entitled to be paid 2% of the total revenue from the sale of all metals and mineral products from the Property from the commencement of Commercial Production. Once all of the capital costs to bring the Koper Lake Project to the production stage have been repaid entirely, the GMR may be scaled up to a maximum of 4% of the total revenue from the sale of all metals and mineral products from the Property depending upon the price of product sold from the Property.
Richard Nemis, President and CEO stated "I am very pleased that Bold has acquired the right to earn up to a 100% interest in the Koper Lake Project. This will be a tremendous benefit to the Bold shareholders going forward."
Bold can earn its initial 50% interest in the Property by making option payments totaling $1,500,000 (the first $300,000 option payment having been made) and expending $8,000,000 on exploration of the Property over 3 years after which a 50/50 joint venture would be formed between Bold and Fancamp. Bold can then earn a further 10% interest by making a further $700,000 option payment and delivering a positive feasibility study. The remaining option payments can be made in cash or common shares of Bold at Bold's option. The Company's President and Chief Executive Officer, Richard Nemis, holds a 2% net smelter royalty interest ("2% NSR") in the four claims that comprise the Property pursuant to an agreement with Fancamp dated June 17, 2003 whereby he sold the property to Fancamp and retained the 2% NSR. Half of the royalty interest (a 1%NSR) can be purchased at any time prior to commencement of commercial production for $1,000,000. Richard Nemis has granted to Bold a right of first refusal on the remaining 1% NSR for no consideration.
About the Koper Lake Project
The Koper Lake Project is situated in the emerging Ring of Fire multimineral district, approximately 530 km north east of Thunder Bay in the James Bay Lowlands, northern Ontario.
The Property lies along the ultramafic Ring of Fire complex between the Eagle's Nest Ni-Cu-PGE and Blackbird chromite deposits belonging to Noront Resources to the west and southwest respectively and the Big Daddy and Black Thor chromite deposits belonging to Cliffs Resources and KWG Resources to the northeast. The Koper Lake Project offers a very exciting set of targets for magmatic Ni-Cu-PGE, chromite and hydrothermal Au-Cu mineralization.
In a press release dated October 28, 2011 Fancamp summarized its most significant diamond drill hole findings on the four claim Koper Lake Project. Bold released a project description and interpretation of the geology in a news release dated October 31, 2012.
Richard E. Nemis, President and Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Latest Cloud Developer Stories
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
SYS-CON Featured Whitepapers
Most Read This Week
Breaking Cloud Computing News