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Nubian Acquires Idaho Sedex
25 July 2011: Nubian Resources Ltd signed a lease agreement with Timberwolf Minerals Ltd., a private corporation, to acquire a 100% interest in Timberwolf's Idaho Sedex lead-zinc-silver prospect area in Lemhi County, Idaho effective on June 30th 2011.
From the start of production onward, Lessee shall pay Lessor USD $30,000 (approx Rs13, 35,000) or a one percent (1%) NSR, whichever is greater. Each such payment shall be made on or before the successive anniversary of the execution of this lease. Royalty payments shall be made quarterly of each year. Lessee may purchase the NSR, on or before the Start of Year 6 of this Agreement for a final one-time buyout payment of USD $2,000,000 (approx Rs 9, 10, 00,000) exclusive of all prior payments.
Source: Your industry News