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Omineca Mining Sign Option Agreement With KR Investments

Mining News - Published on Tue, 11 Jun 2019

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Omineca Mining and Metals Ltd announced that, it has signed an Option Agreement with KR Investments Corp of Saskatoon, Saskatchewan, wherein KR Investments is granted the sole and exclusive option to acquire an undivided 50% interest in the Wingdam Project's placer tenures. KR Investments can exercise its option to acquire the 50% interest by completing, at its sole cost and expense, all the development work required to prepare the Property for a bulk sampling program on or before December 31 2019. The required development work by KR Investments will be considered complete when the first mining room is ready to be opened for bulk sampling.

Activities required to complete this include, but are not limited to, the following:

Dewatering of existing mine workings

Obtaining permits, licenses and posting bonds required not including maintenance of existing permits

Expanding drift wall access

Shaft sinking, crosscutting, drifting and ventilation raises

Initial freeze drilling

Setting up of freeze plant and freezing of the bulk sample zones

Providing work crews, supplies, facilities, machinery and equipment necessary for the development work

Acquisition, construction and transportation of all facilities

Funding wages, fees, salaries and expenses including food and lodging

Upon the exercise of KR Investment's option, the Agreement provides that the parties will operate the Property as a joint venture pursuant to a formal joint venture agreement incorporating the joint venture terms set out in the Agreement. The Agreement is subject to TSX Venture Exchange approval.

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Posted By : Rabi Wangkhem on Tue, 11 Jun 2019
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