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JET METAL CORP Message Board

  • spankydoodle70 spankydoodle70 Mar 1, 2013 6:02 PM Flag

    Since they are nearly out of cash, will CXZ walk away from Golden Promise too

    In May of 2009, Crosshair closed on the agreement with Paragon Minerals Corporation (TSX-V: PGR) and has acquired a 60% interest in the Golden Promise Gold Project in Central Newfoundland (which includes Golden Promise, South Golden Promise and Victoria Lake). Crosshair will provide Paragon with a CDN$2.0 million carried interest in initial exploration expenditures to be completed prior to May 2013 with the option to extend this timeframe by 12 months upon issuing 62,500 common shares to Paragon.

    Crosshair may also elect to earn an additional 10% interest (to 70%) by providing Paragon with an additional CDN$1.0 million carried interest in additional exploration expenditures within 24 months again with the option of extending the timeframe by 12 months upon issuing 100,000 common shares to Paragon. In the event Crosshair does not complete the additional expenditure program within the required timeframe, Crosshair may purchase the remaining 10% interest by paying Paragon the difference between actually incurred exploration expenditures and CDN$1.0 million or just retain the 60% interest.

    SENTIMENT: Bled dry by the ponzi scheme

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