THE STAGHORN OPTION
In order for TRU to exercise the Initial Option of 51% interest in the Property, TRU shall make the following payments, shall cause the following shares to be issued and in the name of Quadro (the 'Purchase Price') and shall incur an aggregate of
The Initial Option
On three days following Exchange approval (the 'Effective Date'): the issuance of
On the Effective Date, the parties shall form an exploration committee to review upcoming exploration programs to be conducted and objectives to be accomplished with respect to the Property. Under the terms of the Option Agreement, TRU shall be the Operator with overall responsibility for the exploration operations on the Property.
The Additional Option
Upon acquiring the 51% Interest in the Property pursuant to the exercise of the Initial Option, the Optionee may exercise the Additional Option and acquire the additional 14% Interest by: (i) providing the Optionor with written notice of its intention to exercise the Additional Option within 30 days of exercising the Initial Option; (ii) making a payment of
Upon the Optionee acquiring the 51% Interest in the Property and failing to exercise the Additional Option, or the 65% Interest in the Property, as the case may be, the Parties hereby agree to enter into a joint venture agreement (the 'JVA'), such JVA to contain normal industry standard terms for transactions of this nature, to be agreed upon by the Parties, each acting reasonably, and shall provide, inter alia: (i) the intended scope and business of the joint venture; (ii) the participating Interests of the Parties, with the Optionee holding a 51% Interest in the Property and the Optionor holding a 49% Interest in the Property if only the Initial Option is exercised or with the Optionee holding a 65% Interest in the Property and the Optionor holding a 35% Interest in the Property if the Additional Option is exercised; (iii) a management committee to determine the overall policies, objectives, budgets, procedures, methods and actions with respect to the Property, and such committee shall consist of 3 members: 2 selected by the Optionee, and 1 selected by the Optionor; (iv) the powers and duties of the Operator of the Property; (v) disposition of production (if applicable); (vi) required expenditure commitments and costs, including but not limited to all expenses, obligations and charges incurred in connection with the maintenance, exploration and development of the Property (collectively, the 'JVA Costs'); (vii) adjustment and dilution of Interests; (viii) dispute resolution procedures and remedies and (ix) termination of the JVA.
From
'Our exploration and drilling programs to date at Staghorn have shown that the Marks Pond Gold Horizon has been extended to over 600m in strike length and has proven continuity down dip, with the most significant aspect being the recent discovery of a lower zone of high-grade mineralization with visible gold below the main zone. We look forward to developing the Staghorn targets together with TRU, through additional drilling to follow up on the high-grade lower zone and wide step out drilling on the Marks Pond Horizon where a number of gold-in-soil anomalies remain to be tested.'
ABOUT
Quadro is a publicly traded mineral exploration company. It is led by an experienced and successful management team and is focused on exploring for gold in
Contact:
Tel: (604) 644-9561
Email: info@quadroresources.com
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