Reports
Projects - JV-Royal Falcon Mining LLC
Drake Resources (ASX: DRK, \"Drake\") is pleased to announce that it has signed an agreement with Royal Falcon Mining LLC for the exploration of Falun and Bersbo Projects in Sweden.
The Projects comprise 15 separate exploration permits in the Bergslagen Province west of Stockholm which were previously joint ventures with OZ Minerals Ltd. The permits are in the process of being transferred from OZ Minerals Ltd to Drake Resources Ltd, and Drake will hold 100% interests in each.
Royal Falcon Mining LLC (Royal Falcon) is a strategic alliance company established to acquire, explore, develop and manage mineral projects. The alliance partners are Golden Rim Resources Ltd and PAL Technology Services LLC, a member of the Royal Group of Companies of Abu Dhabi, United Arab Emirates.
The main elements of the agreement include:
1) Royal Falcon must spend US$3 million to earn a 51% interest in the Falun and Bersbo Projects. Royal Falcon can withdraw from the agreement after spending a minimum of US$1.0 million; Drake retains a 100% interest in the Projects until the US$3 million is expended.
2) Royal Falcon can elect to spend a further US$3 million to earn an additional 24% interest in the Falun and Bersbo Projects.
3) Drake will have the right to fund their respective share (49% or 25%) of project exploration, feasibility, mine development, or mine development costs when these funding requirements have been met
4) If Drake\'s project interest falls below 5% then their interest will revert to a 2% Net Smelter Royalty (\"NSR\") on production from the Falun or Bersbo Projects.
5) Drake will, initially, continue to manage all exploration on the Falun and Bersbo Projects
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1st November 2011 | Presentation to FEM - Falun Project (4083kb) |
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27th September 2011 | SWE Maiden Resource at Falun (1841kb) |
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12th June 2011 | Drilling Restarts at Falun (542kb) |
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4th February 2011 | Drill Targets Identified at Falun (481kb) |
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8th December 2010 | High Grade Gold in Old Drill Core Extend (1230kb) |
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1st October 2010 | Bersobo Project (547kb) |
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1st October 2010 | Falun Mine (834kb) |
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1st October 2010 | Other Falun Targets (1021kb) |
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17th May 2010 | Drilling begins at Drumangruvan Massive (609kb) |
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30th March 2010 | Falun Project Area Expanded (195kb) |
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25th March 2010 | Falun Budget extended (57kb) |