Save
PrintEagle Star Petroleum Corp. announced on June 11th that it has received final approval from the TSX Venture Exchange of its earn-in agreement to acquire an undivided 55% interest (with an option to increase its stake to 100%) in Iron Ore mining exploration permits located in the state of Piaui - Northeastern Brazil.
Eagle Star has closed the transaction on June 7, 2010 by paying the seller $170,000USD being the balance of the amount due on closing. Eagle Star will now commence Stage 1 of the exploration program. Stage 1 comprises of geological mapping, line cutting, ground magnetometer surveys, trenching and diamond drilling. The estimated cost of this Stage 1 program is $500,000USD and will take some five months to complete.
Eagle Star is to pay an aggregate finder's fee of $257,500USD cash or in value of shares, at the discretion of the Company. Payment of 25,000USD is due immediately and the balance is contingent, due only when payments are made to the seller and at the completion of each exploration stage.
Copyright © 2013 Ferro-Alloys.Com. All Rights Reserved. Without permission, any unit and individual shall not copy or reprint!
- [Editor:editor]
Daily News
Research
Magazine
Company Database
Customized Database
Conferences
Advertisement
Trade
Tell Us What You Think