Gee Ten Ventures Options OX Claim Group From East Westadmin
Gee-Ten Ventures Inc. announced that it has entered into a letter of intent with East West Resource Corp whereby Gee-Ten may earn the right to acquire up to 65% interest in the 16 claims (618 units) of the Ox Property in the Ox Lake area in the southern James Bay Lowlands.
Gee-Ten may earn a 50% interest by paying $150,000 in three installments, issuing 200,000 shares and spending $3.0 million over 3 years, an additional 10% by spending an additional $1.0 million and an additional 5% by completing a bankable feasibility study.
An initial $250,000 in-fill VTEM-Magnetic survey will be conducted immediately. Six strong EM conductors have been identified by a previous MKVI Input EM survey associated with magnetic bodies interpreted to be gabbro-pyroxenite, similar in setting to the Norton deposit (since the Gee Ten web site is under reconstruction please see East West’s website for details, www.eastwestres.com).