Joint Venture Projects – Wilson, Fenton & Benoist
Cartier Resources has entered into an option agreement with Exploits Discovery Corp. (CSE: NFLD), granting Exploits the right to earn a 100% interest in three strategically located gold projects: Wilson, Fenton, and Benoist.
Option Agreement Summary
- Term: 4-year exclusive option period
- Ownership: Exploits may earn 100% interest in all three properties
- Consideration:
- $1,750,000 CAD in cash payments to Cartier
- 9,250,000 common shares of Exploits issued to Cartier
- $12,250,000 CAD in exploration and development expenditures
Cartier has already received an initial $200,000 in cash and 1,750,000 shares of Exploits as part of the agreement.
Royalty Retention
Upon successful exercise of the option on any of the three properties, Cartier will retain a 2.0% Net Smelter Return (NSR) royalty on the applicable property. The royalty includes:
- 1.0% NSR redeemable by Cartier for $2,000,000 CAD
- 1.0% NSR redeemable by Cartier for $20,000,000 CAD