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Torch River Resources has a 25% interest in an advanced molybdenum property, Red Bird. Reserves have been classified by Giroux Consultants Ltd as 88.21 million tonnes indicated and 63.39 million tonnes inferred.
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Message: Torch Signs LOI to Option 75% of Crown Grants & Nahmint Property

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Re: Torch Signs LOI to Option 75% of Crown Grants & Nahmint Property

in response to Torch Signs LOI to Option 75% of Crown Grants & Nahmint Property by AGORACOM
posted on Jan 21, 09 05:23AM

Seems like a pretty interesting deal... I was just reviewing the terms and it seems pretty standard. I always like to see the option to purchase a portion of the NSR on the back end.

Torch shall earn a 75% interest in the Nahmint Property by paying the vendors $351,000 over 5 years, spending $1,350,000 on work programs on the Nahmint Property over 5 years and issuing 10 million shares to the vendors over 5 years. Under the terms of the Letter of Intent, the Nahmint Property is subject to a 2% NSR of which 1% can be purchased by Torch for $1,000,000. Torch shall be the operator for the projects conducted on the Nahmint Property.

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