Sureshot Minerals Inc. Option
On July 17, 2008, the Company entered into an option agreement with Sureshot Minerals Inc. ("Sureshot"). The agreement allows Sureshot the option to earn a 50% legal and beneficial interest in 14 claims making up 224 units along the Ring of Fire located in the James Bay Lowlands of northeastern Ontario.
To earn and maintain its interest in the property, Sureshot is required to:
1. Pay to Noront $100,000, and a further payment of $180,000 to be settled in cash or, at the option the Sureshot, in its common shares with a deemed price of $0.50 per share;
2. Fund $4,900,000 in exploration expenditures on the property over a 3 year period ending July 15, 2011 (of which $1,400,000 must be incurred by July 15, 2009); and
3. Make additional aggregate cash payments to Noront of $560,000 within two years of entering into the option agreement. The cash payments may be satisfied, at the option of Sureshot, through the issuance to Noront of common shares of Sureshot based on at a price of $0.50 per share.
Noront will act as the operator.
Private Company (6897631 Canada Inc.) Option
On July 18, 2008, the Company entered into an option agreement with a private company. The agreement allows private company the option to earn a 50% legal and beneficial interest in 10 claims making up approximately 160 units along the Ring of Fire located in the James Bay Lowlands of northeastern Ontario.
To earn and maintain its interest in the property, The Private Company is required to:
1. Pay to Noront $130,000;
2. Fund $2,275,000 in exploration expenditures on the property over a 3 year period ending March 27, 2011 (of which $650,000 must be incurred by March 27, 2009); and
3. Make additional aggregate cash payments to Noront of $260,000 within two years of entering into the option agreement.
Noront will act as the operator.
