RESOLVE VENTURES AMENDS NEPTUNE LITHIUM OPTION, ADVANTAGE LITHIUM GRANTED OPTION ON NEPTUNE PROPERTY
Resolve Ventures Inc. has entered into an agreement with Nevada Sunrise Gold Corp. and Advantage Lithium Corp. to allow Advantage to earn up to a 50-per-cent working interest in the Neptune lithium property by, among other things, incurring $700,000 in exploration expenditures on the property.
The amending agreement amends and supersedes the company's joint venture and option agreement with Nevada dated May 3, 2016. Pursuant to the original option agreement, Resolve had the right to earn up to a 50-per-cent working interest in the property. In May, 2016, Resolve fulfilled the obligations of its initial 25-per-cent earn-in for the property. Pursuant to the amending agreement, Resolve has now agreed to terminate its right to a second-stage earn-in, where Resolve could have increased its interest to 50 per cent. The amending agreement grants Advantage the option to earn up to a 50-per-cent interest in the property, with the company and Nevada each retaining a 25-per-cent interest. Upon Advantage exercising its option to earn a 50-per-cent interest, a three-way joint venture will be formed, with Nevada and Resolve each retaining a 25-per-cent interest.
To earn a 50-per-cent participating interest in Neptune, Advantage must fulfill the following obligations:
Nevada will act as manager of exploration during the Advantage earn-in period and will charge a 10-per-cent management fee. For further information regarding the agreements between Nevada and Advantage, see Nevada's news release dated Aug. 29, 2016.
If the amending agreement is terminated prior to the Advantage earn-in date, Resolve can resume its right to the second-stage option and regain the right to earn a 50-per-cent interest in Neptune, subject to fulfilling certain conditions.Back to Past News