Nov 24 2010
Candorado Operating Company Ltd. (TSX VENTURE:CDO) (FRANKFURT:HQU) (BERLIN:HQU) has announced today, subject to TSX Venture Exchangeapproval, that it has entered into an agreement with a private vendor to earn a 100% interest in certain mineral claims, approximately 1,370 hectares in size, situated in the vicinity of the Canadian International Minerals Ltd. Carbo rare earth elements prospect located in the Wicheeda Carbonatite Belt, north of Prince George, BC.
Candorado can earn a 100% interest by way of making payment of five thousand dollar cash payment and issuing four million common shares of the Company upon the Exchange's approval. In addition, CIN will receive one million common shares of the Company on the first anniversary date of the agreement's acceptance by the Exchange.
The western boundary of mineral claims is approximately 3 kilometres northeast from the CIN eastern claim boundary. CIN has recently announced a progress report on drilling on the Carbo prospect in a news release published November 8, 2010.
Also active in the area is Spectrum Resources, a private company. The company has reported that it had made a drill discovery of carbonatite-hosted rare earth elements bordering the CIN claims.
Source: Candorado Operating Company Ltd.