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Provider: Reuters Investment Profile
Provider: Wright Reports
Provider: Wright Reports

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NunaMinerals and Greenland Rare Earth Projects negotiate Option and Joint Venture Agreement on Paatusoq Critical Metals Project

Friday, 9 May 2014 01:50am EDT 

NunaMinerals A/S:Signs Letter of Intent (LoI) with Greenland Rare Earth Projects Ltd (GREP) for the Paatusoq Critical Metals Project in Sout East Greenland.The parties are negotiating an Option and Joint Venture Agreement designed to advance the development of the project.Under the proposed option agreement, GREP will be able to earn a 65 pct interest in Paatusoq by funding $2.0 million (about 11 million Danish crowns) of exploration expenditures before end of 2016 provided that the 1st stage of exploration during 2014 proves successful.Upon GREP Ltd earning a 65 pct interest a Joint Venture to further develop the Paatusoq project will be formed between NunaMinerals and GREP Ltd.The proposed agreement is limited to Critical Metals and excludes stand alone precious and base metal projects. 

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29 Jan 2015