Anmerkung: McE ist auch Insider bei GC. Vieleicht setzt man die Vereinbarung auch innerhalb von 2 Jahren um. Wer weiß was dort schon gemauschelt wurde. Wir sind doch leider immer der letzte Waggon am Zug.
Under the terms of the Option and Joint Venture Agreement, VG Gold can exercise its option and enter
into a 60/40 Joint Venture agreement with Goldcorp once it has completed the $6 million work program
and made the payments of cash, shares and warrants specified below. Upon VG Gold exercising its option
to form the joint venture, Goldcorp has a 6 month period where it can exercise the Back-in Right to
increase its interest from 40 percent to 70 percent, and become the operator, by making a payment of
$710,000 to VG Gold, incurring exploration and development expenditures of $8,250,000 on the property
within two years of the Back-in Right notice and completion of a feasibility study within three years.
The terms of the agreement provide that VG Gold spend $800,000 in the first year of the agreement, $1.1
million in year two, $1.6 million in year three and $2.5 million in year four, for a total of $6 million over
4 years. The first year work program of $800,000 is a work commitment on the Goldcorp property. VG
Gold is required to pay $40,000 on signing and $50,000 at the end of the first year. The company will
also issue 340,000 shares on signing and 1 million warrants expiring on June 13, 2010 with an exercise
price of $0.309 per share. VG Gold will also issue shares with a value of $100,000 on the first and second
anniversaries, $150,000 on the third anniversary and $200,000 on the fourth anniversary of the
agreement.
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