Apr 15 2014
Continental Precious Minerals Inc. (the "Company" or "Continental") is pleased to announce that it has signed an option agreement with Boxxer Gold Corp. to earn up to a 75% interest in the DOK copper-gold porphyry property (the "Option Agreement") located approximately 40 kilometres southwest of Telegraph Creek, in northwest British Columbia, Canada (the "DOK Property"). The DOK Property consists of 26,365 acres.
Under the terms of the Option Agreement, Continental has the option to earn a 60% interest within 4 years by incurring total property expenditures of C$2.0M and making total cash payments of C$200,000. The cash payment schedule is as follows: C$50,000 due within 5 days of signing and three payments of $50,000 each on or before the first, second and third anniversaries of the effective date of the Option Agreement.
Upon Continental earning a 60% interest, the Company shall have the option to increase its interest in the DOK Property by an additional 15% to 75% by spending an additional US$3.0M on the DOK Property within 3 years. If a 75%, interest is earned by Continental the project will revert to a joint venture between the Company and Boxxer, with the Company being the operator and each party being responsible for the expenses on the project relative to each party's interest, and if either party fall below 10% it will revert to a 1% net profit interest.
Source: http://czqminerals.com/