El Tesoro is controlled by a land position totalling nearly 3,000 hectares. The project now consists of four wholly owned concessions staked by Northair's wholly owned Mexican subsidiary company, Grupo Northair de Mexico, S.A. de C.V. Northair has an agreement with Compania Minera San Valentin, S.A. de C.V. (San Valentin), which allows San Valentin to lease Northair's El Tesoro concessions. San Valentin is a privately held company with corporate offices located in Durango, Mexico; and offices in Houston, Texas, USA. Under the agreement, San Valentin will pay Northair USD$2,000 per month for the rights to explore and mine the G Zone and USD$3,000 per month for the rights for the remainder of the concessions; for a total of USD$5,000 per month. The lease will run for a period of 15 years, during which time San Valentin has the option to purchase the G Zone for USD$200,000 and the remainder of the concessions for USD$300,000; for a total of USD$500,000. Northair retains a back in right for 49% of the G Zone if San Valentin exercises its purchase option. During the term of the lease, San Valentin will be responsible for all taxes, permitting and environmental aspects of the concessions.
Last:
$0.06
High:
$0.07
Low:
$0.06
Chg:
even
Vol:
38500
