Sections
Editions
Affiliated Sites
All InfoMine
DANDONG QCZ
|
|
Key Facts
New to Company & PropertyMine?
Start Here » 
Comparable Properties
|
Latest Information  October 24, 2003 Pacific Minerals and Ivanhoe Mines have reached an agreement-in-principle to restructure the 217 Gold Project, Dandong (QCZ) Gold Project, and the JBS Platinum and Palladium development and exploration projects in Yunnan Province. The revised agreement will reduce from 80% to 50% Ivanhoe’s maximum earn-ins on Pacific Minerals’ interests in Pacific’s most significant projects in China. The revised agreement also contains a mutual non-compete clause, whereby Pacific Minerals agrees not to compete for any new mineral properties in the Inner Mongolia Region and Ivanhoe undertakes not to compete for any new mineral properties in Liaoning Province. Ivanhoe has agreed to transfer to Pacific Minerals 50% of its interest in the Shuteen exploration licence in southern Mongolia. The project has similar geological characteristics and is within the same copper-rich mineral belt that hosts Ivanhoe’s Turquoise Hill and Kharmagtai porphyry copper-gold projects. Pacific Minerals has agreed to issue Ivanhoe 2.5 million Pacific Minerals common shares. Ivanhoe also has agreed to purchase an additional 2.5 million units of Pacific Minerals at a price of CAD1.75 per unit, for net proceeds to Pacific Minerals of CAD4.375 million. |
Copyright © InfoMine Inc. Developed and maintained by InfoMine Inc. All rights reserved.
