Vela Minerals Acquires 100% Stake in Mavis Bank and Port Antonio Properties
Vela Minerals Ltd. (VLA.V) has acquired a 100% interest in Mavis Bank and Port Antonio Special Exclusive Prospecting Licenses in Jamaica, which total 126 square kilometres.
The Port Antonio and Mavis Bank Properties are subject to a 2% net smelter royalty. The agreement supersedes the option agreement dated March 1, 2013 to acquire a 90% interest in the Mavis Bank property; the company will have paid a total of US$140,000 to the vendor to acquire a 100% undivided interest in the Property. The NSR can be purchased at a rate of US$1 million per percent per property.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.