Klondike Silver to option part of Silver Slocan camp
2012-11-19 09:16 ET - News Release
See News Release (C-KS) Klondike Silver Corp (2)
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Mr. Richard Hughes of Klondike reports
KLONDIKE SILVER CORP. SIGNS BINDING LETTER OF INTENT TO OPTION A PORTION OF THE SILVER SLOCAN MINING CAMP, BRITISH COLUMBIA
Klondike Silver Corp. has executed a binding letter of intent with Victory Mountain Ventures Ltd. to option a portion of the Silver Slocan mining camp located in southeastern British Columbia. The parties agree to use their best efforts to execute a definitive Option Agreement within 15 days.
The Agreement will allow Victory to acquire a 50% interest in the Silvana West and the Cody Creek claims by making payments to the Company and incurring exploration expenditures over a three year period. At the sole discretion of the Company, Victory will be able to earn an additional 25% of the project by making a lump sum payment of cash and shares to the Company.
Under the agreement, Victory will also be entitled to a royalty payment equal to 50% of net profit received from the sale of any newly discovered resources should exploration prove successful before the three year option has been satisfied. All agreement will be subject to TSX Venture Exchange approval.