Northern Shield signs Option, JV Agreement with Impala Platinum Holdings
Northern Shield Resources Inc. (NRN.V) today reported that it has signed a definitive Option and Joint Venture Agreement with Impala Platinum Holdings Limited of South Africa on Northern Shield's 100% owned Idefix PGE property in northern Quebec.
The Agreement was entered into further to the Letter of Intent signed between the two companies on January 23, 2012. The terms of the Option and Joint Venture Agreement allow Impala to earn a 50% interest in Idefix by making cash payments to Northern Shield totaling $300,000 over two years and incurring $3.2 million in exploration expenditures at Idefix or the surrounding area over three years, with total expenditures of $1,950,000 committed for the first two years of the Agreement. Impala can also earn a 50% interest in up to two additional "designated properties" within an agreed upon area of mutual interest in Quebec by incurring a further $1.25 million of expenditures per additional property.
A 50/50 joint venture would be formed as interests are earned in each project
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