Andong Bor Joint Venture Agreement Terms Sample Clauses

Andong Bor Joint Venture Agreement Terms. The purpose of the Andong Bor Joint Venture Agreement shall be to establish a joint venture between LIB-CAM and MAN-CAM to assess potential for and to develop and mine minerals in the Exploration Area. The terms of the Andong Bor Joint Venture Agreement shall be negotiated pursuant to this MOU. MAN-CAM has commissioned Mr Bot Gabor to carry out a geological report ("Geological Report") which shall be used to determine the proposed initial expenditure of $500,000 (" Initial Expenditure") and activities for the Andgong Bor joint venture. It is anticipated that the Geological Report will be received by the Parties on or about 15 July 2008. It is anticipated that the Parties' respective interests under the Andong Bor Joint Venture Agreement will be apportioned in the following phases (further described below): PHASE ONE: (a) MAN-CAM - 51% interest; and (b) LIB-CAM - 49% interest. PHASE TWO: (a) MAN-CAM - 70%; and (b) LIB-CAM - 30%. In order to earn a 51% interest in the Exploration Area (Phase One), MAN-CAM is required to incur an Initial Expenditure of five hundred thousand US dollars (US$500,000) (exclusive of Joint Venture Administrative Expenses (as defined in Clause 7 below)) on the Exploration Area pursuant to the Geological Report and in any event no later than 30th June 2009. In the event MAN-CAM fails to promptly incur the Phase One Initial Expenditure in accordance with the Geological Report or by 30th June 2009 (whichever is earlier), MAN-CAM shall forfeit its right to earn a 51% interest and shall be deemed to have withdrawn from the Andong Bor Joint Venture Agreement, retaining no interest in the Exploration Area. Upon earning a 51% interest, MAN-CAM shall have the option to elect within 12 Months to earn a further 29% (Phase Two) interest in the Exploration Area (being an aggregate 70% interest) by incurring expenditure of one million US dollars (US$1,000,000) ("Further Expenditure") (exclusive of Joint Venture Administration Expenses (as defined in Clause 7 below)) on the Exploration Area pursuant to the Geological Report and in any event no later than 30th June 2010. In the event MAN-CAM fails to make an election to earn a further 29% or fails to incur the Further Expenditure promptly as hereby described, MAN-CAM shall forfeit its right to earn a further 29% interest and shall be deemed to have earned a 51% interest in the Exploration Area. It is agreed that upon formation of the Andong Bor joint venture, LIB-CAM shall have a free carried inter...
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