HINTERLAND METALS can earn a 100% interest in the Dazzle property of TRUE NORTH GEMS. The property includes 85 claims near True North’s Regal Ridge emerald project in the Finlayson district of southeastern Yukon.
The agreement calls for Hinterland to pay $21,500 and issue 100,000 shares to True North. Hinterland must also spend $400,000 over the next three years exploring the property. True North will retain a 3% royalty. After Hinterland completes its exploration spending, True North may earn back a 50% interest by financing the next $400,000 of work. At that point a joint venture would be formed. True North may increase its share to 60% by financing the project through to production.
The arrangement is subject to regulatory approval.
The report of independent mining analyst Jim Steel concerning the prospects of True North is posted at www.truenorthgems.com