Chart usGOLD   Chart usSILVER  
 
Food for thought
Money is coined liberty
Fyodor Dostoevsky  
Search for :
LATEST NEWS  :
MINING STOCKS  :
Subscribe
Write Us
Add to Google
Search on Ebay :
PRECIOUS METALS (US $)
Gold 1216.000.90
Silver 17.81-0.01
Platinum 1333.251.50
Palladium 810.002.25
WORLD MARKETS
DOWJONES 1728013
NASDAQ 4580-14
NIKKEI 16321254
ASX 543718
CAC 40 4461-3
DAX 97991
HUI 208-4
XAU 87-2
CURRENCIES (€)
AUS $ 1.4369
CAN $ 1.4062
US $ 1.2829
GBP (£) 0.7873
Sw Fr 1.2068
YEN 139.8300
CURRENCIES ($)
AUS $ 1.1203
CAN $ 1.0945
Euro 0.7795
GBP (£) 0.6141
Sw Fr 0.9400
YEN 108.9100
RATIOS & INDEXES
Gold / Silver68.28
Gold / Oil13.15
Dowjones / Gold14.21
COMMODITIES
Copper 3.090.00
WTI Oil 92.45-0.62
Nat. Gas 3.84-0.07
Market Indices
Metal Prices
RSS
Precious Metals
Graph Generator
Statistics by Country
Statistics by Metals
Advertise on 24hGold
Projects on Google Earth
Dundarave Resources Inc.: Drilling of Porphyry Copper Targets to Start at Jesse Creek Under an Agreement With Ocean Park Ventures Corporation
Published : November 19, 2012
( 0 vote, 0/5 ) Print article
     
Tweet
Keywords :   Copper | Diamond | Ocean Park Ventures | Total |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 19, 2012) - Dundarave Resources Inc(News - Market indicators) (the "Company") is pleased to report that a letter of intent has been signed regarding the Jesse Creek property with Ocean Park Ventures Corporation ("Ocean Park") and drilling will commence shortly.

The agreement foresees that Ocean Park will complete at least $300,000 worth of Diamond drilling by December 11, 2012 and an additional $150,000 by December 31, 2012. Overall Ocean Park has the option to earn a 50% interest in Dundarave's option to the property by completing $3,000,000 worth of work, paying $1,000,000 in cash and issuing 1,000,000 shares of Ocean Park to Dundarave staged over a 3 year period.

Drilling will target the three main anomalies identified by geophysical airborne (Magnetics) and ground surveys (Induced Polarization) earlier this year. One of the anomalies (Chase Anomaly) is associated with skarn and porphyry copper type mineralization. Most of the anomalous areas are covered by overburden with a few sparse outcrops of intrusive rocks with porphyry style alteration (see NR, October 25, 2012). 

Summary of the Letter Agreement

Pursuant to the letter, Ocean Park may acquire a 50% interest into the 100% option interest Dundarave has to the property under the following terms:

  • Ocean Park to issue 500,000 shares to Dundarave upon TSX Venture Exchange acceptance of the option agreement.
  • Issue an additional 500,000 shares to Dundarave on or before December 11, 2012.
  • Complete $300,000 worth of work by December 11, 2012.
  • Complete an additional $150,000 worth of work by December 31, 2012.
  • Pay $100,000 cash on or before January 15, 2013.
  • Pay $200,000 cash and complete an additional $600,000 worth of work on or before January 15, 2014.
  • Pay $300,000 cash and complete an additional $600,000 worth of work on or before January 15, 2015.
  • Pay $400,000 cash and complete an additional $1,350,000 worth of work on or before January 15, 2016.

The agreement is subject to the provisions of the January 27, 2012 option agreement between Dundarave and J. Dawson and G. Belik (Optionors) (see NR January 30, 2012). Under this agreement, Dundarave has the option to acquire a 100% interest in the Jesse creek property in consideration for total cash payments of $1,075,000 and the issuance of 1,700,000 common shares of the Company to the Optionors. The main terms of the agreement also provides for a 2% net smelter return royalty in favour of the Optionors. Dundarave may elect to purchase, at any time from the Optionors one-half (1/2) of the NSR on the Property, thereby reducing the Optionors' NSR to one percent (1%) respectively, upon the total payment to the Optionors of $1,000,000.

The Letter of intent is subject to approval by the TSX Venture Exchange.

The technical information contained in this news release has been reviewed and approved by Andre Pauwels, P. Geo., who is a qualified person as defined by National Instrument 43-101.

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.

Dundarave Resources Inc.
Paul Matysek, M.Sc., P.Geo.
President & CEO
800 863-1551
www.dundaraveresources.com
Tweet

Dundarave Resources Inc.

CODE : DDX.V
ISIN : CA2651701005
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Email Alert Add to Watchlist Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy
Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Corporate news of Dundarave Resources Inc.
11/19/2012Drilling of Porphyry Copper Targets to Start at Jesse Creek...
Comment this article
You must be logged in to comment an article8000 characters max.
 
Sign in
User : Password : Login
Sign In Forgot password?
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (DDX.V)BERLIN (LBMA.BE)
0.250+0.00%0.0000
TSX-V
CA$ 0.250
09/19 15:56 -
0%
Prev close Open
0.250 0.190
Low High
0.190 0.250
Year l/h YTD var.
0.070 -  0.250 150.00%
52 week l/h 52 week var.
0.070 -  0.250 92.31%
Volume 1 month var.
14,833 108.33%
24hGold TrendPower© : 32
Produces
Develops
Explores for
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
TOP NEWSRELEASES
Annual variation
DateVariationHighLow
2014150.00%0.150.05
2013-50.00%0.250.09
2012-39.39%0.500.20
2011-54.17%0.950.30
20105.88%0.740.52
 
5 years chart
 
3 months chart
 
3 months volume chart