- 55Km NE of Smithers, British Columbia, Canada.
- Mesothermal stratabound mineralization in sandstones.
- Limited outcrop, but with limited drilling and soil sampling suggest a large mineralizing system.
- Extensive road network through the project.
Norseman Silver Inc. has an option agreement with CloudBreak Discovery Corp. to acquire a 100-per-cent interest in certain mining claims located in the province of British Columbia (the Silver Vista property). The entering into of the option agreement is subject to the approval of the TSX Venture Exchange.
Pursuant to the option agreement, in order to fully exercise the option, the company shall: (i) pay to CloudBreak an aggregate of $50,000 and two million common shares in the capital of the company in instalments; (ii) pay to 1975647 Alberta Ltd. an aggregate of $45,000 and one million common shares, in instalments; and (iii) make aggregate exploration expenditures of $275,000 on the Silver Vista property over three years.
In addition, pursuant to the option agreement, the company shall grant to CloudBreak a 1.0-per-cent net smelter return (NSR) royalty. The company shall have the right to acquire one-half of the NSR from CloudBreak at a price of $500,000. The Silver Vista property is also subject to an underlying 2.0-per-cent NSR royalty.