Overview
The Three Rivers Project is located in the Greenvale district in North Queensland, and consists of EPM11223, EPM10680 and EPM10866. Greenvale is approximately 200 kilometres northwest of Charters Towers and 100 kilometres west of Ingham. EPM11223 contains the now closed Greenvale Nickel lateritic nickel- cobalt operation.
In May 2005 the company executed a Joint Venture Agreement with Straits Resources Limited (Straits) on its Three Rivers Project. Straits has the right to earn a 70% participating interest by the payment of $50,000 and by expending a further $1 million on exploration over a period of three years from the commencement date.
After the initial farm-in period Straits may earn a further 20% interest by spending $700,000 over another two years. Following the earning of a 90% interest in the tenements, both the Company and Straits may contribute to further exploration or either party may dilute in accordance with a standard dilution formula.
In the event that the Company’s interest becomes 5% or less, the interest reverts to a net smelter royalty of 0.5%
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