Dios Exploration Inc. press release
SIRIOS and DIOS start PONTAX project
TSXV - TSX Venture Exchange · Gold · Copper · Silver · Lithium · Canada
TSX-V : DOS
MONTREAL, June 8 /CNW Telbec/ - Officers of DIOS EXPLORATION INC. are pleased to announce the recent acquisition in partnership with SIRIOS RESOURCES INC. (TSX V: SOI) of 912 claims (pending) forming the PONTAX property. This new property covers close to 50,000 hectares (125,000 acres) 350 km north of Matagami along the paved road going to Radisson. This project will test the diamond and metals potential of a poorly-explored region where an important staking rush recently took place (more than 5,000 claims were acquired for diamond and gold by various companies). Under the agreement with SIRIOS, each partner has a 50% share, and the acquisition and exploration costs are to be equally shared. A river sediment and till sampling program should begin within the next weeks (financed 50-50 by the partners). Afterward, the process for kimberlite indicator minerals (diamond) will be paid by DIOS, while the cost incurred for the gold and the base metals will be paid by SIRIOS. Depending of the future results, if the project should focus specifically on the diamond, DIOS will have the option to buy back SIRIOS' share, by repaying in cash or shares (acquisition and exploration costs) and SIRIOS will keep a non-participating interest in the project. However, if it turn out as a gold or base metals project, SIRIOS will have the option to buy back DIOS' share under the same conditions. The agreement is subject to the approvals of the regulatory authorities and the independent members of each Board of the Company's.
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