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Vanstar Mining, Vantex amend option deal over Quebec gold project

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Vanstar Mining, Vantex amend option deal over Quebec gold project

VantexResources Ltd. and VanstarMining Resources Inc. have agreed to amend their covering the gold project in Quebec,according to a March 29 news release.

The renegotiated agreement will allow Vanstar to earn a 50%interest in the property in exchange for spending C$100,000 in the first two years,C$300,000 in the third year, C$500,000 in the fourth year and C$1.0 million inthe fifth year.

As such, Vanstar will acquire a 2.5% interest for eachtranche of C$100,000 invested.

Under the original agreement entered in December 2015,Vanstar had to invest C$400,000 each year in works.

Upon Vanstar acquiring the 50% interest, both companies willform a joint venture over the property with Vantex acting as manager andoperator.

In addition, the interest of the non-participating partnercould be reduced to 10%. At this stage, this interest would then be convertedto a 2% net smelter returns royalty, from which 1% can be bought back for C$1.5million.

In February, Vantex acquired of 10 mining claims inClericy Township, Quebec. These claims are to the east of Vantex's Clericyproperty.