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URL: http://brilliantmining.com/investors/news_releases/index.php?content_id=30&page_number=1
Brilliant Mining Corp. (BMC-V) (the "Corporation") today announced that it has entered into an agreement with Falconbrid ge Limited ("Falconbridge") to acquire a 100% interest in the Chesterfield Property consisting of 15 prospecting permits situated west of Baker Lake, Nunavut.
To acquire the interest, the Corporation must: incur $1 million in exploration expenditures on the Property by November 30, 2008 (with minimum annual expenditures to maintain assessment work on the 8 key claims); stake certain specified claims; complete at least one large loop EM survey over the Bowell Island showing; and complete at least 200 metres of diamond drilling on the Bowell Island showing prior to drilling any other target in the original permit area.
Falconbridge will retain a 1% NSR on all gold deposits, a 1% GORR on all diamond deposits and a 2.5% NSR on base metal deposits. Falconbridge has a back-in right to a 50% interest on base metal deposits on the Property by spending 2.5 times the expenditures made by the Corporation on base metals at the time and can increase its interest in base metals by an additional 20% by completing a feasibility study, to a maximum cost of $20 million. The Corporation has also granted Falconbridge a right of first refusal to purchase all or part of the Corporation´s interest (excluding interests in diamond or gold) in the Property as well as any joint venture or royalty interests of the Corporation.
For more information, please contact:
Sean Mager, President and CEO at (780) 437-6624 ext.234
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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