Re: ....Virgin On The Greens
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Welcome To The Strikepoint Gold HUB On AGORACOM
Focused on the Rice Lake Gold Belt
Message: Traps and the belt
..., The only hope marum has is if San gets bought out because they cant afford to drill....RB65 ..Marum is a major land holder with a lot of old mines on their propertys claims and will have no problem doing a financing to drill these prolific areas. Marum only shares some of Sans management and sits next to Sans rich veins, but is a separate Comp. and in order to maintain their percentage in WEL, they will have to RAISE CASH to drill and also test the Stike Point bordering Sans rich hinge find. I do hold a chunk of WEL and like their resource locations and can see Marum doing continued buisiness with WEL....buy low sell high is present today on the Greens. Traps7
San Gold and Marum to jointly explore the Rice Lake West property
(formely the Strike Point property)
August 19, 2005 - San Gold Corporation (“SGR” - TSX-V) and Marum Resources Inc. (“MMU” -TSX-V) have entered into an option agreement to jointly explore the Rice Lake West gold property in Manitoba. The Rice Lake West property consists of twenty claims covering 2,223 hectares adjacent to the western boundary of San Gold's Rice Lake gold mine and 1,250 ton per day mill, located a 3 hour drive from Winnipeg.
San Gold and Marum can each earn a 50% undivided interest in the property by performing $750,000 in exploration work over the three year period ending August 31, 2008 ($100,000 during the first year, $250,000 during the second year and $400,000 during the third year). In consideration of prior work performed on the property under a previous option agreement, Marum is deemed to have contributed $200,000 as an exploration contribution under the terms of the current option agreement. The optionor of the property will retain a 3% gross overriding royalty on precious metals and a 3% net smelter returns on base metal production. San Gold and Marum have the right to purchase two royalty percentage points by paying $750,000 for each royalty percentage point. San Gold will be the operator and manage exploration activities.
The option agreement between San Gold and Marum is of strategic importance for both companies since the western extension of the main Rice Lake mine gold-bearing vein system has been traced to the Rice Lake West joint venture property boundary by San Gold. The Rice Lake West joint venture significantly expands San Gold's position along the main Rice Lake gold-bearing trend. The joint venture is significant for Marum since it is carried for the next $200,000 in exploration expenditures on the Rice Lake West property and will have the benefit of San Gold's successful exploration expertise along the Rice Lake Gold belt.
This is a non-arms length transaction according to TSX Ventrue Policy 5.3.
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