AREA OF COMMON INTEREST. 23.1 The area of common interest will be deemed to comprise that area which is included within the map attached to this Agreement as Appendix II. 23.2 If at any time during the subsistence of this Agreement any Party or the Affiliate of any Party (in this section only called in each case the “Acquiring Party”) stakes or otherwise acquires, directly or indirectly, any right to or interest in any mining claim, licence, lease, grant, concession, permit, patent, or other mineral property located wholly or partly within the area of interest referred to in subparagraph 23.1, the Acquiring Party will forthwith give notice to the other Parties of that staking or acquisition, the total cost thereof and all details in the possession of that Party with respect to the details of the acquisition, the nature of the property and the known mineralization. 23.3 The Management Committee (the representative of the Acquiring Party not being entitled to vote with respect thereto) may, within 30 days of receipt of the Acquiring Party’s notice, elect, by notice to the Acquiring Party, to require that the mineral properties and the right or interest acquired be included in and thereafter form part of the Property for all purposes of this Agreement. 23.4 If the election aforesaid is made, all the other Parties will reimburse the Acquiring Party for that portion of the cost of acquisition which is equivalent to their respective Interests. 23.5 If the Management Committee does not make the election aforesaid within that period of 30 days, the right or interest acquired will not form part of the Property and the Acquiring Party will be solely entitled thereto. 23.6 Notwithstanding subparagraph 10.4(g), the Operator will be entitled, at any time and from time to time to surrender all or any part of the Property or to permit the same to lapse, but only upon first either obtaining the unanimous consent of the Management Committee, or giving 60 days notice of its intention to do so to the other Parties. In this latter event, the Parties, other than the Operator, will be entitled to receive from the Operator, on request prior to the date of the surrender or lapse, pro rata in accordance with their respective Interests, a conveyance of that portion of the Property intended for surrender or lapse, together with copies of any plans, assay maps, all drill records and factual engineering data in the Operator’s possession and relevant thereto. Any part of the Property so acquired will cease to be subject to this Agreement and will not be subject to paragraph 23.2. Any part of the Property which has not been so acquired by any of the Parties will remain subject to paragraph 23.2.
Appears in 2 contracts
Samples: Option and Joint Venture Agreement (Strathmore Minerals Corp.), Option and Joint Venture Agreement (Strathmore Minerals Corp.)
AREA OF COMMON INTEREST. 23.1 20.1 The area of common interest will shall be deemed to comprise that area which is included within three kilometers of the map attached to this Agreement outermost boundary of the mineral properties which constitute the Property as Appendix IIat the Operative Date.
23.2 20.2 If at any time during the subsistence of this Agreement any Party party or the Affiliate of any Party party (in this section only called in each case the “Acquiring Party”) stakes or otherwise acquires, directly or indirectly, any right to or interest in any mining claim, licence, lease, grant, concession, permit, patent, or other mineral property located wholly or partly within the area of interest referred to in subparagraph 23.120.1, the Acquiring Party will shall forthwith give notice to the other Parties parties of that staking or acquisition, the total cost thereof and all details in the possession of that Party party with respect to the details of the acquisition, the nature of the property and the known mineralization.
23.3 20.3 The Management Committee (the representative of the Acquiring Party not being entitled to vote with respect thereto) may, within 30 days of receipt of the Acquiring Party’s notice, elect, by notice to the Acquiring Party, to require that the mineral properties and the right or interest acquired be included in and thereafter form part of the Property for all purposes of this Agreement.
23.4 20.4 If the election aforesaid is made, all the other Parties will parties shall reimburse the Acquiring Party for that portion of the cost of acquisition which is equivalent to their respective Interests.
23.5 20.5 If the Management Committee does not make the election aforesaid within that period of 30 days, the right or interest acquired will shall not form part of the Property and the Acquiring Party will shall be solely entitled thereto.
23.6 20.6 Notwithstanding subparagraph 10.4(g6.4(e), the Operator will shall be entitled, at any time and from time to time to surrender all or any part of the Property or to permit the same to lapse, but only upon first either obtaining the unanimous consent of the Management Committee, or giving 60 days notice of its intention to do so to the other Partiesparties. In this latter event, the Partiesparties, other than the Operator, will shall be entitled to receive from the Operator, on request prior to the date of the surrender or lapse, pro rata in accordance with their respective Interests, a conveyance of that portion of the Property intended for surrender or lapse, together with copies of any plans, assay maps, all diamond drill records and factual engineering data in the Operator’s possession and relevant thereto. Any part of the Property so acquired will shall cease to be subject to this Agreement and will shall not be subject to paragraph 23.220.2. Any part of the Property which has not been so acquired by any of the Parties will parties shall remain subject to paragraph 23.220.2.
Appears in 2 contracts
Samples: Mining Option Agreement (Coastal Pacific Mining Corp), Mining Option Agreement (Pana-Minerales S.A.)
AREA OF COMMON INTEREST. 23.1 24.1 The area of common interest will be deemed to comprise that area which is included within the map attached to this Agreement as Appendix IIIII.
23.2 24.2 If at any time during the subsistence of this Agreement any Party or the Affiliate of any Party (in this section only called in each case the “"Acquiring Party”") stakes or otherwise acquires, directly or indirectly, any right to or interest in any mining claim, licence, lease, grant, concession, permit, patent, or other mineral property located wholly or partly within the area of interest referred to in subparagraph 23.1sub-paragraph 24.1, the Acquiring Party will forthwith give notice to the other Parties of that staking or acquisition, the total cost thereof and all details in the possession of that Party with respect to the details of the acquisition, the nature of the property and the known mineralization.
23.3 24.3 The Management Committee (the representative of the Acquiring Party not being entitled to vote with respect thereto) may, within 30 days of receipt of the Acquiring Party’s 's notice, elect, by notice to the Acquiring Party, to require that the mineral properties and the right or interest acquired be included in and thereafter form part of the Property for all purposes of this Agreement.
23.4 24.4 If the election aforesaid is made, all the other Parties will reimburse the Acquiring Party for that portion of the cost of acquisition which is equivalent to their respective Interests.
23.5 24.5 If the Management Committee does not make the election aforesaid within that period of 30 days, the right or interest acquired will not form part of the Property and the Acquiring Party will be solely entitled thereto.
23.6 24.6 Notwithstanding subparagraph 10.4(gsub-paragraph 11.4(g), the Operator will be entitled, at any time and from time to time to surrender all or any part of the Property or to permit the same to lapse, but only upon first either obtaining the unanimous consent of the Management Committee, or giving 60 days notice of its intention to do so to the other Parties. In this latter event, the Parties, other than the Operator, will be entitled to receive from the Operator, on request prior to the date of the surrender or lapse, pro rata in accordance with their respective Interests, a conveyance of that portion of the Property intended for surrender or lapse, together with copies of any plans, assay maps, all drill records and factual engineering data in the Operator’s 's possession and relevant thereto. Any part of the Property so acquired will cease to be subject to this Agreement and will not be subject to paragraph 23.224.2. Any part of the Property which has not been so acquired by any of the Parties will remain subject to paragraph 23.224.2.
Appears in 2 contracts
Samples: Option and Joint Venture Agreement (Nu-Mex Uranium Corp.), Option and Joint Venture Agreement (Nu-Mex Uranium Corp.)
AREA OF COMMON INTEREST. 23.1 20.01 The area of common interest will shall be deemed to comprise that area which is included within the map attached to this Agreement outermost boundary of the mineral properties which constitute the Property as Appendix IIat the Operative Date.
23.2 If 20.02 Except as to renewals or improvements in title to mineral claims or mineral rights held by a party prior to the Operative Date which have not been added to the Property, if at any time during the subsistence of this Agreement any Party or the Affiliate of any Party party (in this section only called in each case the “"Acquiring Party”") stakes or otherwise acquires, directly or indirectly, any right to or interest in any mining claim, licence, lease, grant, concession, permit, patent, or other mineral property located wholly or partly within the area of interest referred to in subparagraph 23.1, 20.01 the Acquiring Party will shall forthwith give notice to the other Parties parties of that staking or acquisition, the total cost thereof and all details in the possession of that Party party with respect to the details of the acquisition, the nature of the property and the known mineralization.
23.3 The Management Committee (the representative of the Acquiring Party not being entitled to vote with respect thereto) 20.03 Each other party may, within 30 days of receipt of the Acquiring Party’s 's notice, elect, by notice to the Acquiring Party, to require that the mineral properties and the right or interest acquired be included in and thereafter form part of the Property for all purposes of this Agreement.
23.4 20.04 If the election aforesaid is made, all the other Parties will parties shall reimburse the Acquiring Party for that portion of the cost of acquisition which is equivalent to their respective InterestsShare Participations.
23.5 20.05 If the Management Committee does not make no other party makes the election aforesaid within that period of 30 days, the right or interest acquired will shall not form part of the Property and the Acquiring Party will shall be solely entitled thereto.
23.6 20.06 Notwithstanding subparagraph 10.4(g6.04(e), the Operator will shall be entitled, at any time and from time to time to surrender all or any part of the Property or to permit the same to lapse, but only upon first either obtaining the unanimous consent of the Management Shareholders’ Committee, or giving 60 days notice of its intention to do so to the other Partiesparties. In this latter event, the Partiesparties, other than the Operator, will shall be entitled to receive from the Operator, on request prior to the date of the surrender or lapse, pro rata in accordance with their respective Interests, a conveyance of that portion of the Property intended for surrender or lapse, together with copies of any plans, assay maps, all diamond drill records and factual engineering data in the Operator’s 's possession and relevant thereto. Any part of the Property so acquired will shall cease to be subject to this Agreement and will shall not be subject to paragraph 23.2. Any part of the Property which has not been so acquired by any of the Parties will remain subject to paragraph 23.220.
Appears in 2 contracts
Samples: Property Option Agreement (Hi Ho Silver Resources Inc.), Property Option Agreement (Hi Ho Silver Resources Inc.)
AREA OF COMMON INTEREST. 23.1 20.1 The area of common interest will shall be deemed to comprise that area which is included within the map attached to this Agreement outermost boundary of the mineral properties which constitute the Property as Appendix IIat the Operative Date.
23.2 20.2 If at any time during the subsistence of this Agreement any Party party or the Affiliate of any Party party (in this section Section only called in each case the “Acquiring Party”) stakes or otherwise acquires, directly or indirectly, any right to or interest in any mining claim, licencelicense, lease, grant, concession, permit, patent, or other mineral property located wholly or partly within the area of interest referred to in subparagraph 23.1Section 20.1, the Acquiring Party will shall forthwith give notice to the other Parties parties of that staking or acquisition, the total cost thereof and all details in the possession of that Party party with respect to the details of the acquisition, the nature of the property and the known mineralization.
23.3 20.3 The Management Committee (the representative of the Acquiring Party not being entitled to vote with respect thereto) may, within 30 days of receipt of the Acquiring Party’s notice, elect, by notice to the Acquiring Party, to require that the mineral properties and the right or interest acquired be included in and thereafter form part of the Property for all purposes of this Agreement.
23.4 20.4 If the election aforesaid is made, all the other Parties will parties shall reimburse the Acquiring Party for that portion of the cost of acquisition which is equivalent to their respective Interests.
23.5 20.5 If the Management Committee does not make the election aforesaid within that period of 30 days, the right or interest acquired will shall not form part of the Property and the Acquiring Party will shall be solely entitled thereto.
23.6 20.6 Notwithstanding subparagraph 10.4(gSection 6.4(e), the Operator will shall be entitled, at any time and from time to time to surrender all or any part of the Property or to permit the same to lapse, but only upon first either obtaining the unanimous consent of the Management Committee, or and giving 60 days days’ notice of its intention to do so to the other Partiesparties. In this latter event, the Partiesparties, other than the Operator, will shall be entitled to receive from the Operator, on request prior to the date of the surrender or lapse, pro rata in accordance with their respective Interests, a conveyance of that portion of the Property intended for surrender or lapse, together with copies of any plans, assay maps, all diamond drill records and factual engineering data in the Operator’s possession and relevant thereto. Any part of the Property so acquired will shall cease to be subject to this Agreement and will shall not be subject to paragraph 23.2Section 20.2. Any part of the Property which has not been so acquired by any of the Parties will parties shall remain subject to paragraph 23.2Section 20.2.
Appears in 2 contracts
Samples: Option Agreement (Source Gold Corp.), Joint Venture Agreement (Source Gold Corp.)
AREA OF COMMON INTEREST. 23.1 20.1 The area Area of common interest will Common Interest shall be deemed to comprise that area which is included within three (3) kilometers of the map attached to outermost boundary of the Property as at the date of execution of this Agreement. Nothing in this Agreement as Appendix IIshall cause the Area of Common Interest to be expanded.
23.2 20.2 If at any time during the subsistence of this Agreement any Party party or the Affiliate an affiliate of any Party party (in this section Section only called in each case the “"Acquiring Party”") stakes or otherwise acquires, directly or indirectly, any right to or interest in any mining claim, licencelicense, lease, grant, concession, permit, patent, or other mineral property located wholly or partly within the area Area of interest Common Interest referred to in subparagraph 23.1Section 20.1, the Acquiring Party will shall forthwith give notice to the other Parties party of that staking or acquisition, the total cost thereof and all details in the possession of that Party party with respect to the details of the acquisition, the nature of the property and the known mineralization.
23.3 20.3 The Management Committee (the representative of the Acquiring Party not being entitled to vote with respect thereto) other party may, within 30 days of receipt of the Acquiring Party’s notice, elect, by notice to the Acquiring Party, to require that the mineral properties and the right or interest acquired be included in and thereafter form part of the Property for all purposes of this Agreement.
23.4 20.4 If the election aforesaid is made, all the other Parties will Optionee shall reimburse the Acquiring Party (if the Acquiring Party is the Optionor) for that portion of the cost of acquisition. If the Acquiring Party is the Optionee it shall not be entitled to reimbursement of its costs of acquisition which is equivalent however all costs of acquisition shall be deemed to their respective Interestsbe part of the exploration and development expenses to be incurred by the Optionee to earn an interest in the Property.
23.5 20.5 If the Management Committee other party does not make the election aforesaid within that period of 30 days, the right or interest acquired will shall not form part of the Property and the Acquiring Party will shall be solely entitled thereto.
23.6 Notwithstanding subparagraph 10.4(g), the Operator will 20.6 The Optionee shall be entitled, at any time and from time to time time, to surrender all or any part of the Property or to permit the same to lapse, but only upon first either obtaining the unanimous consent of the Management Committee, or giving 60 days days’ notice of its intention to do so to the other PartiesOptionor. In this latter event, the Parties, other than the Operator, will Optionor shall be entitled to receive from the OperatorOptionee, on request prior to the date of the surrender or lapse, pro rata in accordance with their respective Interests, a conveyance quit claim of any interest held by the Optionee therein of that portion of the Property intended for surrender or lapse, together with copies of any all plans, assay maps, all diamond drill records and factual engineering data in the OperatorOptionee’s possession and relevant thereto. Any part of the Property so acquired will shall cease to be subject to this Agreement and will not be subject to paragraph 23.2. Any part of the Property which has not been so acquired by any of the Parties will remain subject to paragraph 23.2Agreement.
Appears in 1 contract
Samples: Option Agreement
AREA OF COMMON INTEREST. 23.1 20.1 The area of common interest will shall be deemed the Area of Common Interest as defined in paragraph 18.1 of the Head Agreement;
20.2 Except as to comprise that area renewals or improvements entitled to mineral claims or mineral rights held by a party prior to the Operative Date which is included within have not been added to the map attached to this Agreement as Appendix II.
23.2 If Property, at any time during the subsistence currency of this Agreement Agreement, any Party or the Affiliate of any Party party (in this section paragraph only called in each case the “Acquiring Party”) stakes or otherwise acquires, directly or indirectly, any right to or interest in any mining claim, licencelicense, lease, grant, concession, permit, patent, or other mineral property interest located wholly or partly within the area Area of interest Common Interest referred to in subparagraph 23.120.1, the Acquiring Party will shall forthwith give notice to the other Parties party of that staking or acquisition, the total cost thereof and all details in the possession of that Party party with respect to the details of the acquisition, the nature of the property and the known mineralization.; Joint-Venture Agreement Azimut Exploration Inc. & Northwestern Mineral Ventures Inc.
23.3 20.3 The Management Committee (the representative of the Acquiring Party not being entitled to vote with respect thereto) other party may, within 30 thirty (30) days of receipt of the Acquiring Party’s notice, elect, by notice to the Acquiring Party, to require that the mineral properties and the right or interest acquired be included in and thereafter form part of the Property for all purposes of this Agreement.;
23.4 20.4 If the election aforesaid is made, all the other Parties will party shall reimburse the Acquiring Party for that portion of the cost of acquisition which is equivalent to their respective Interests.;
23.5 20.5 If the Management Committee other party does not make the election aforesaid within that period of 30 thirty (30) days, the right or interest acquired will shall not form part of the Property and the Acquiring Party will shall be solely entitled thereto.;
23.6 20.6 Notwithstanding subparagraph 10.4(g6.4(e), the Operator will shall be entitled, at any time and from time to time to surrender all or any part of the Property or to permit the same to lapse, but only upon first either obtaining the unanimous consent of the Management Committee, or giving 60 sixty (60) days notice of its intention to do so to the other Partiesparty. In this latter later event, the Parties, other than the Operator, will party shall be entitled to receive from the Operator, on request prior to the date of the surrender or lapse, pro rata in accordance with their respective Interests, a conveyance of that portion of the Property intended for surrender or lapse, together with copies of any plans, assay essay maps, all drill records and factual engineering data in the Operator’s possession and relevant thereto. Any part of the Property so acquired will shall cease to be subject to this Agreement and will shall not be subject to paragraph 23.220.2. Any part of the Property which has not been be so acquired by any of the Parties will other party shall remain subject to paragraph 23.220.2.
Appears in 1 contract
AREA OF COMMON INTEREST. 23.1 The area of common interest will be deemed to comprise that area which is included within the map attached to this Agreement as Appendix II.
23.2 7.1 If at any time during the subsistence of this Agreement Option Earn-in Period any Party or the an Affiliate of any Party (in this section Section only called in each case the “Acquiring Party”) stakes or otherwise acquiresstakes, directly or indirectly, any right to or interest in any mining claim, licence, lease, grant, concession, permit, patent, or other mineral property located wholly or partly within the area Area of interest referred to in subparagraph 23.1Common Interest, the Acquiring Party will shall forthwith give notice to the other Parties Party (the “non-Acquiring Party”) of that staking or acquisitionstaking, the total cost thereof and all details in the possession of that the Acquiring Party with respect to the details of the acquisition, the nature of the property and the known mineralization.
23.3 7.2 The Management Committee (the representative of the non-Acquiring Party not being entitled to vote with respect thereto) may, within 30 days of receipt of the Acquiring Party’s notice, elect, by notice to the Acquiring Party, to require that the mineral properties and the right or interest acquired be included in and thereafter form part of the Property for all purposes of this Agreement.
23.4 7.3 If the election aforesaid is made, all the other Parties will Optionee shall reimburse the Acquiring Party (if the Acquiring Party is Optionor) for that portion of the cost of acquisition. If the Acquiring Party is Optionee it shall not be entitled to reimbursement of its costs of acquisition. In any event, all costs of acquisition which is equivalent shall be deemed to their respective Interestsbe part of the Expenditures to be incurred by Optionee under Section 4.2 to earn an interest in the Property.
23.5 7.4 If the Management Committee non-Acquiring Party does not make the election aforesaid within that period of 30 thirty (30) days, the right or interest acquired will shall not form part of the Property and the Acquiring Party will shall be solely entitled thereto.
23.6 Notwithstanding subparagraph 10.4(g), the Operator will be entitled, at any time and from time to time to surrender all or any part of the Property or to permit the same to lapse, but only upon first either obtaining the unanimous consent of the Management Committee, or giving 60 days notice of its intention to do so to the other Parties. In this latter event, the Parties, other than the Operator, will be entitled to receive from the Operator, on request prior to the date of the surrender or lapse, pro rata in accordance with their respective Interests, a conveyance of that portion of the Property intended for surrender or lapse, together with copies of any plans, assay maps, all drill records and factual engineering data in the Operator’s possession and relevant thereto. Any part of the Property so acquired will cease to be subject to this Agreement and will not be subject to paragraph 23.2. Any part of the Property which has not been so acquired by any of the Parties will remain subject to paragraph 23.2.
Appears in 1 contract
Samples: Mineral Property Option Agreement
AREA OF COMMON INTEREST. 23.1 19.1 The area Area of common interest will Common Interest shall be deemed to comprise that area which is included within 5.0 kilometres of the map attached to outermost boundary of the Property as at the date of execution of this Agreement. Nothing in this Agreement as Appendix IIshall cause the Area of Common Interest to be expanded.
23.2 19.2 If at any time during the subsistence of this Agreement any Party party or the Affiliate an affiliate of any Party party (in this section Section only called in each case the “Acquiring Party”) stakes or otherwise acquires, directly or indirectly, any right to or interest in any mining claim, licence, lease, grant, concession, permit, patent, or other mineral property located wholly or partly within the area Area of interest Common Interest referred to in subparagraph 23.1Section 19.1, the Acquiring Party will shall forthwith give notice to the other Parties party of that staking or acquisition, the total cost thereof and all details in the possession of that Party party with respect to the details of the acquisition, the nature of the property and the known mineralization.
23.3 19.3 The Management Committee (the representative of the Acquiring Party not being entitled to vote with respect thereto) other party may, within 30 days of receipt of the Acquiring Party’s notice, elect, by notice to the Acquiring Party, to require that the mineral properties and the right or interest acquired be included in and thereafter form from part of the Property for all purposes of this Agreement.
23.4 19.4 If the election aforesaid is made, all the other Parties will Globetech shall reimburse the Acquiring Party (if the Acquiring Party is Option Giver) for that portion of the cost of acquisition. If the Acquiring Party is Globetech it shall not be entitled to reimbursement of its costs of acquisition. In any event, all costs of acquisition which is equivalent shall be deemed to their respective Interestsbe part of the exploration and development expenses to be incurred by Globetech to earn an interest in the Property.
23.5 19.5 If the Management Committee other party does not make the election aforesaid within that period of 30 days, the right or interest acquired will shall not form part of the Property and the Acquiring Party will shall be solely entitled thereto.
23.6 Notwithstanding subparagraph 10.4(g), the Operator will 19.6 Globetech shall be entitled, at any time and from time to time time, to surrender all or any part of the Property or to permit the same to lapse, but only upon first either obtaining the unanimous consent of the Management Committee, or giving 60 days days’ notice of its intention to do so to the other PartiesOption Giver. In this latter event, the Parties, other than the Operator, will Option Giver shall be entitled to receive from the OperatorGlobetech, on request prior to the date of the surrender or lapse, pro rata in accordance with their respective Interests, a conveyance of that portion of the Property intended for surrender or lapse, together with copies of any plans, assay maps, all diamond drill records and factual engineering data in the OperatorGlobetech’s possession and relevant thereto. Any part of the Property so acquired will shall cease to be subject to this Agreement and will shall not be subject to paragraph 23.2Section 19.2. Any part of the Property which has not been so acquired by any of the Parties will parties shall remain subject to paragraph 23.2Section 19.2.
Appears in 1 contract
AREA OF COMMON INTEREST. 23.1 The area Except as hereinafter in this Clause 38 expressly provided, if at any time prior to December 31st, l984, either party shall acquire directly or indirectly any interest of common interest will be deemed any nature or kind, beneficial or otherwise, in any permits or leases of or pertaining to comprise that area oil and/or gas, including mineral or other substances produced in association with oil and/or gas, covering lands, any part of which is included within located in the area outlined in blue on the map attached hereto marked Schedule "D" to this the Farmout Agreement as Appendix II.
23.2 If at any time during (hereinafter called the subsistence of this Agreement any Party or the Affiliate of any Party (in this section only called in each case the “"Acquiring Party”) stakes or otherwise acquires"), directly or indirectly, any right it shall forthwith give notice in writing to or interest in any mining claim, licence, lease, grant, concession, permit, patent, or the other mineral property party hereto of such acquisition to the extent only that such acquisition relates to the area located wholly or partly within the area blue outline on Schedule "D" (hereinafter called the "Acquired Interest"), specifying the description of the lands and documents of title, extent of interest referred and the consideration paid or payable and the terms and conditions, if any, attached thereto (if the consideration is other than cash then a cash equivalent shall be specified) as well as any factual information which is then being withheld under Clause 6(1). The party receiving such notice shall have the right and option for a period of twenty (20) days thereafter within which to in subparagraph 23.1, elect to acquire that portion of the Acquired Interest which is equivalent to its participating interest at such time by paying to the Acquiring Party will forthwith give a like proportion of the consideration (or cash equivalent) paid for the Acquired Interest and assumption of a similar share of all obligations attached thereto. In the event that the party receiving such notice shall elect to the other Parties of that staking or acquisition, the total cost thereof and all details acquire an interest in the possession of that Party with respect to Acquired Interest, then the details of lands covered by the acquisition, the nature of the property and the known mineralization.
23.3 The Management Committee (the representative of the Acquiring Party not being entitled to vote with respect thereto) may, within 30 days of receipt of the Acquiring Party’s notice, elect, by notice to the Acquiring Party, to require that the mineral properties and the right or interest acquired Acquired Interest shall thereafter be included in and thereafter form part of the Property for all purposes of this Agreement.
23.4 If the election aforesaid is made, all the other Parties will reimburse the Acquiring Party for that portion of the cost of acquisition which is equivalent to their respective Interests.
23.5 If the Management Committee does not make the election aforesaid within that period of 30 days, the right or interest acquired will not form part of the Property Lands and the Acquiring Party will be solely entitled thereto.
23.6 Notwithstanding subparagraph 10.4(g), the Operator will be entitled, at any time and from time to time to surrender all or any part of the Property or to permit the same to lapse, but only upon first either obtaining the unanimous consent of the Management Committee, or giving 60 days notice of its intention to do so to the other Parties. In this latter event, the Parties, other than the Operator, will be entitled to receive from the Operator, on request prior to the date of the surrender or lapse, pro rata in accordance with their respective Interests, a conveyance of that portion of the Property intended for surrender or lapse, together with copies of any plans, assay maps, all drill records and factual engineering data in the Operator’s possession and relevant thereto. Any part of the Property so acquired will cease to be subject to this Agreement Operating Procedure and will not shall be thereafter owned and operated by the parties hereto in accordance with and subject to paragraph 23.2all applicable terms and conditions of this Operating Procedure in the proportions of their respective interests therein. Any part Each of the Property parties covenants and agrees to execute and deliver all such assignments, conveyances and other documents as may be necessary to vest title to the Acquired Interest in the parties to this Operating Procedure but if the party receiving such notice fails to exercise the aforesaid rights within the time stipulated, it shall thereafter have no right or interest whatsoever in the Acquired Interest or the lands covered thereby. The provisions of this Clause shall not apply to
(a) any acreage located in the half grid corridors surrounding the Permits which has not been so is subject to a now existing after acquired provision between Farmee and third parties, or the Farmor, or
(b) interests acquired by either party in any lands by virtue of the Parties will remain subject selection of leases pursuant to paragraph 23.2the provisions of this Operating Procedure, or
(c) interests acquired in any lands by virtue of an assignment to either party pursuant to the provisions of Clause 24 or subclause II of Clause 6, or which are surrendered or assigned pursuant to the provisions of Clause 25.
Appears in 1 contract
AREA OF COMMON INTEREST. 23.1 20.1 The area of common interest will shall be deemed to comprise that area which is included within 2 kilometres of the map attached to this Agreement outermost boundary of the mineral properties which constitute the Property as Appendix IIat the Operative Date.
23.2 20.2 If at any time during the subsistence of this Agreement any Party party or the Affiliate of any Party party (in this section only called in each case the “Acquiring Party”) stakes or otherwise acquires, directly or indirectly, any right to or interest in any mining claim, licence, lease, grant, concession, permit, patent, or other mineral property located wholly or partly within the area of interest referred to in subparagraph 23.1, the Acquiring Party will shall forthwith give notice to the other Parties parties of that staking or acquisition, the total cost thereof and all details in the possession of that Party party with respect to the details of the acquisition, the nature of the property and the known mineralization.
23.3 20.3 The Management Committee (the representative of the Acquiring Party not being entitled to vote with respect thereto) may, within 30 days of receipt of the Acquiring Party’s notice, elect, by notice to the Acquiring Party, to require that the mineral properties and the right or interest acquired be included in and thereafter form part of the Property for all purposes of this Agreement.
23.4 20.4 If the election aforesaid is made, all the other Parties will parties shall reimburse the Acquiring Party for that portion of the cost of acquisition which is equivalent to their respective Interests.
23.5 20.5 If the Management Committee does not make the election aforesaid within that period of 30 days, the right or interest acquired will shall not form part of the Property and the Acquiring Party will shall be solely entitled thereto.
23.6 20.6 Notwithstanding subparagraph 10.4(g), the Operator will shall be entitled, at any time and from time to time to surrender all or any part of the Property or to permit the same to lapse, but only upon first either obtaining the unanimous consent of the Management Committee, or giving 60 days notice of its intention to do so to the other Partiesparties. In this latter event, the Partiesparties, other than the Operator, will shall be entitled to receive from the Operator, on request prior to the date of the surrender or lapse, pro rata in accordance with their respective Interests, a conveyance of that portion of the Property intended for surrender or lapse, together with copies of any plans, assay maps, all diamond drill records and factual engineering data in the Operator’s possession and relevant thereto. Any part of the Property so acquired will shall cease to be subject to this Agreement and will shall not be subject to paragraph 23.2. Any part of the Property which has not been so acquired by any of the Parties will parties shall remain subject to paragraph 23.2.
Appears in 1 contract
AREA OF COMMON INTEREST. 23.1 20.01 The area of common interest will shall be deemed to comprise that area which is included within the map attached to this Agreement outermost boundary of the mineral properties which constitute the Property as Appendix IIat the Operative Date.
23.2 20.02 If at any time during the subsistence of this Agreement any Party party or the Affiliate of any Party party (in this section only called in each case the “"Acquiring Party”") stakes or otherwise acquires, directly or indirectly, any right to or interest in any mining claim, licence, lease, grant, concession, permit, patent, or other mineral property located wholly or partly within the area of interest referred to in subparagraph 23.120.01, the Acquiring Party will shall forthwith give notice to the other Parties parties of that staking or acquisition, the total cost thereof and all details in the possession of that Party party with respect to the details of the acquisition, the nature of the property and the known mineralization.
23.3 20.03 The Management Committee (the representative of the Acquiring Party not being entitled to vote with respect thereto) may, within 30 days of receipt of the Acquiring Party’s 's notice, elect, by notice to the Acquiring Party, to require that the mineral properties and the right or interest acquired be included in and thereafter form part of the Property for all purposes of this Agreement.
23.4 20.04 If the election aforesaid is made, all the other Parties will parties shall reimburse the Acquiring Party for that portion of the cost of acquisition acquisition, which is equivalent to their respective Interests.
23.5 20.05 If the Management Committee does not make the election aforesaid within that period of 30 days, the right or interest acquired will shall not form part of the Property and the Acquiring Party will shall be solely entitled thereto.
23.6 20.06 Notwithstanding subparagraph 10.4(g6.04(e), the Operator will shall be entitled, at any time and from time to time to surrender all or any part of the Property or to permit the same to lapse, but only upon first either obtaining the unanimous consent of the Management Committee, or giving 60 days notice of its intention to do so to the other Partiesparties. In this latter event, the Partiesparties, other than the Operator, will shall be entitled to receive from the Operator, on request prior to the date of the surrender or lapse, pro rata in accordance with their respective Interests, a conveyance of that portion of the Property intended for surrender or lapse, together with copies of any plans, assay maps, all diamond drill records and factual engineering data in the Operator’s 's possession and relevant thereto. Any part of the Property so acquired will shall cease to be subject to this Agreement and will shall not be subject to paragraph 23.2. Any part of the Property which has not been so acquired by any of the Parties will remain subject to paragraph 23.220.
Appears in 1 contract
AREA OF COMMON INTEREST. 23.1 The area 8.1. In this Agreement, "Area of common interest will Common Interest" shall be deemed to comprise that area which is included within a radius of three (3) kilometers of each point on the map attached boundary of the mineral properties which constitute the Properties of this Agreement, including the Quinto Real concession.
8.2. If prior to the date of this Agreement as Appendix II.
23.2 If or at any time during the subsistence of this Agreement any Party or the Affiliate of any Party party (in this section article only called in each case the “"Acquiring Party”") stakes in good faith stakes, denounces, files an application or otherwise acquires, directly or indirectly, any right to or interest in in, or any right to receive proceeds of production from, any mining claim, licencelicense, lease, grant, concession, permit, patent, or other form of mineral property tenure located wholly or partly within the area Area of interest referred to in subparagraph 23.1Common Interest, the Acquiring Party will shall forthwith give notice to the other Parties parties being Shareholders of ICRM of that staking staking, denouncement, application or acquisition, the total cost thereof and all details in the possession of that Party party with respect to the details of the acquisition, the nature of the property acquired and the known mineralization.
23.3 The Management Committee (the representative 8.3. Any of the Acquiring Party not other parties being entitled to vote with respect thereto) Shareholders of ICRM may, within 30 days of receipt of the Acquiring Party’s 's notice, elect, by notice to the Acquiring Party, to require that the mineral properties and the right or interest acquired acquired, be included in transferred to ICRM at cost, and thereafter form part of the Property Properties for all purposes of this AgreementAgreement other than for the purpose of defining the Area of Common Interest.
23.4 8.4. If the election aforesaid is made, all none of the other Parties will reimburse the Acquiring Party for that portion parties being Shareholders of the cost of acquisition which is equivalent to their respective Interests.
23.5 If the Management Committee does not make ICRM makes the election aforesaid within that period of 30 thirty (30) days, the right or interest acquired will shall not form part of the Property Properties and the Acquiring Party will shall be solely entitled thereto.
23.6 Notwithstanding subparagraph 10.4(g), the Operator will be entitled, at any time and from time to time to surrender all or any part of the Property or to permit the same to lapse, but only upon first either obtaining the unanimous consent of the Management Committee, or giving 60 days notice of its intention to do so to the other Parties. In this latter event, the Parties, other than the Operator, will be entitled to receive from the Operator, on request prior to the date of the surrender or lapse, pro rata in accordance with their respective Interests, a conveyance of that portion of the Property intended for surrender or lapse, together with copies of any plans, assay maps, all drill records and factual engineering data in the Operator’s possession and relevant thereto. Any part of the Property so acquired will cease to be subject to this Agreement and will not be subject to paragraph 23.2. Any part of the Property which has not been so acquired by any of the Parties will remain subject to paragraph 23.2.
Appears in 1 contract
Samples: Joint Venture and Subscription Agreement (Silver King Resources Inc)
AREA OF COMMON INTEREST. 23.1 20.1 The area of common interest will shall be deemed to comprise that area which is included within 2 kilometres of the map attached to this Agreement outermost boundary of the mineral properties which constitute the Property as Appendix IIat the Operative Date.
23.2 20.2 If at any time during the subsistence of this Agreement any Party party or the Affiliate of any Party party (in this section only called in each case the “"Acquiring Party”") stakes or otherwise acquires, directly or indirectly, any right to or interest in any mining claim, licence, lease, grant, concession, permit, patent, or other mineral property located wholly or partly within the area of interest referred to in subparagraph 23.120.1, the Acquiring Party will shall forthwith give notice to the other Parties parties of that staking or acquisition, the total cost thereof and all details in the possession of that Party party with respect to the details of the acquisition, the nature of the property and the known mineralization.
23.3 20.3 The Management Committee (the representative of the Acquiring Party not being entitled to vote with respect thereto) may, within 30 days of receipt of the Acquiring Party’s 's notice, elect, by notice to the Acquiring Party, to require that the mineral properties and the right or interest acquired be included in and thereafter form part of the Property for all purposes of this Agreement.
23.4 20.4 If the election aforesaid is made, all the other Parties will parties shall reimburse the Acquiring Party for that portion of the cost of acquisition which is equivalent to their respective Interests.
23.5 20.5 If the Management Committee does not make the election aforesaid within that period of 30 days, the right or interest acquired will shall not form part of the Property and the Acquiring Party will shall be solely entitled thereto.
23.6 20.6 Notwithstanding subparagraph 10.4(g6.4(e), the Operator will shall be entitled, at any time and from time to time to surrender all or any part of the Property or to permit the same to lapse, but only upon first either obtaining the unanimous consent of the Management Committee, or giving 60 days notice of its intention to do so to the other Partiesparties. In this latter event, the Partiesparties, other than the Operator, will shall be entitled to receive from the Operator, on request prior to the date of the surrender or lapse, pro rata in accordance with their respective Interests, a conveyance of that portion of the Property intended for surrender or lapse, together with copies of any plans, assay maps, all diamond drill records and factual engineering data in the Operator’s 's possession and relevant thereto. Any part of the Property so acquired will shall cease to be subject to this Agreement and will shall not be subject to paragraph 23.220.2. Any part of the Property which has not been so acquired by any of the Parties will parties shall remain subject to paragraph 23.220.2.
Appears in 1 contract
AREA OF COMMON INTEREST. 23.1 20.1 The area of common interest will shall be deemed the Area of Common Interest as defined in paragraph 18.1 of the Head Agreement;
20.2 Except as to comprise that area renewals or improvements entitled to mineral claims or mineral rights held by a party prior to the Operative Date which is included within have not been added to the map attached to this Agreement as Appendix II.
23.2 If Property, at any time during the subsistence currency of this Agreement Agreement, any Party or the Affiliate of any Party party (in this section paragraph only called in each case the “Acquiring Party”) stakes or otherwise acquires, directly or indirectly, any right to or interest in any mining claim, licencelicense, lease, grant, concession, permit, patent, or other mineral property interest located wholly or partly within the area Area of interest Common Interest referred to in subparagraph 23.120.1, the Acquiring Party will shall forthwith give notice to the other Parties party of Joint-Venture Agreement Azimut Exploration Inc. & Northwestern Mineral Ventures Inc. that staking or acquisition, the total cost thereof and all details in the possession of that Party party with respect to the details of the acquisition, the nature of the property and the known mineralization.;
23.3 20.3 The Management Committee (the representative of the Acquiring Party not being entitled to vote with respect thereto) other party may, within 30 thirty (30) days of receipt of the Acquiring Party’s notice, elect, by notice to the Acquiring Party, to require that the mineral properties and the right or interest acquired be included in and thereafter form part of the Property for all purposes of this Agreement.;
23.4 20.4 If the election aforesaid is made, all the other Parties will party shall reimburse the Acquiring Party for that portion of the cost of acquisition which is equivalent to their respective Interests.;
23.5 20.5 If the Management Committee other party does not make the election aforesaid within that period of 30 thirty (30) days, the right or interest acquired will shall not form part of the Property and the Acquiring Party will shall be solely entitled thereto.;
23.6 20.6 Notwithstanding subparagraph 10.4(g6.4(e), the Operator will shall be entitled, at any time and from time to time to surrender all or any part of the Property or to permit the same to lapse, but only upon first either obtaining the unanimous consent of the Management Committee, or giving 60 sixty (60) days notice of its intention to do so to the other Partiesparty. In this latter later event, the Parties, other than the Operator, will party shall be entitled to receive from the Operator, on request prior to the date of the surrender or lapse, pro rata in accordance with their respective Interests, a conveyance of that portion of the Property intended for surrender or lapse, together with copies of any plans, assay essay maps, all drill records and factual engineering data in the Operator’s possession and relevant thereto. Any part of the Property so acquired will shall cease to be subject to this Agreement and will shall not be subject to paragraph 23.220.2. Any part of the Property which has not been be so acquired by any of the Parties will other party shall remain subject to paragraph 23.220.2.
Appears in 1 contract
Samples: Property Option Agreement (Northwestern Mineral Ventures Inc.)
AREA OF COMMON INTEREST. 23.1 24.1 The area of common interest will be deemed to comprise that area which is included within a 5 mile perimeter around the map attached to this Agreement outermost boundary of the mineral properties which constitute the Property as Appendix IIat the Operative Date.
23.2 24.2 If at any time during the subsistence of this Agreement any Party or the Affiliate of any Party (in this section only called in each case the “Acquiring Party”) stakes or otherwise acquires, directly or indirectly, any right to or interest in any mining claim, licence, lease, grant, concession, permit, patent, or other mineral property located wholly or partly within the area of interest referred to in subparagraph 23.124.1, the Acquiring Party will forthwith give notice to the other Parties of that staking or acquisition, the total cost thereof and all details in the possession of that Party with respect to the details of the acquisition, the nature of the property and the known mineralization.
23.3 24.3 The Management Committee (the representative of the Acquiring Party not being entitled to vote with respect thereto) may, within 30 days of receipt of the Acquiring Party’s notice, elect, by notice to the Acquiring Party, to require that the mineral properties and the right or interest acquired be included in and thereafter form part of the Property for all purposes of this Agreement.
23.4 24.4 If the election aforesaid is made, all the other Parties will reimburse the Acquiring Party for that portion of the cost of acquisition which is equivalent to their respective Interests.
23.5 24.5 If the Management Committee does not make the election aforesaid within that period of 30 days, the right or interest acquired will not form part of the Property and the Acquiring Party will be solely entitled thereto.
23.6 24.6 Notwithstanding subparagraph 10.4(g12.4(g), the Operator will be entitled, at any time and from time to time to surrender all or any part of the Property or to permit the same to lapse, but only upon first either obtaining the unanimous consent of the Management Committee, or giving 60 days notice of its intention to do so to the other Parties. In this latter event, the Parties, other than the Operator, will be entitled to receive from the Operator, on request prior to the date of the surrender or lapse, pro rata in accordance with their respective Interests, a conveyance of that portion of the Property intended for surrender or lapse, together with copies of any plans, assay maps, all drill records and factual engineering data in the Operator’s possession and relevant thereto. Any part of the Property so acquired will cease to be subject to this Agreement and will not be subject to paragraph 23.224.2. Any part of the Property which has not been so acquired by any of the Parties will remain subject to paragraph 23.224.2.
Appears in 1 contract
Samples: Option and Joint Venture Agreement (Yellowcake Mining Inc.)
AREA OF COMMON INTEREST. 23.1 The 18.1 There will be an area of common interest will be deemed to comprise that area which is included within (the “Area of Common Interest”) as outlined on the map attached annexed to this Agreement as Appendix II.and forming part of Schedule A (which includes a list of the control points);
23.2 18.2 If at any time during the subsistence currency of this Agreement any Party or the Affiliate of any Party party (in this section only article 18, only, called in each case the “Acquiring Party”) stakes or otherwise acquires, directly or indirectly, any right to or interest in any mining claim, licence, lease, grant, concession, permit, patent, patent or other mineral property interest located wholly or partly within the area Area of interest referred to Common Interest (in subparagraph 23.1this article 18, only, called the “Acquired Interest”), the Acquiring Party will shall forthwith give notice to the other Parties party of that staking or acquisition, the total cost thereof and all details in the possession of that Party party with respect to the details of the acquisition, the nature of the property Acquired Interest and the known mineralization.;
23.3 18.3 The Management Committee (the representative of the Acquiring Party not being entitled to vote with respect thereto) other party may, within 30 days of receipt of the Acquiring Party’s notice, elect, by notice to the Acquiring Party, to require that the mineral properties and the right or interest acquired Acquired Interest be included in and thereafter form part of the Property for all purposes of this Agreement.;
23.4 18.4 If the election aforesaid is made, NORTHWESTERN shall pay all of the reasonable costs of such acquisition, and such costs shall constitute Work Expenditures hereunder; Property Option Agreement Azimut Exploration Inc & Northwestern Mineral Ventures Inc.
18.5 Any Acquired Interest so acquired either by NORTHWESTERN or by AZIMUT will be recorded in AZIMUT’s name until the execution of the Joint Venture Agreement by the parties. Where any Acquired Interest is so acquired by NORTHWESTERN and, within the stipulated period of 30 days, AZIMUT elects not to include such Acquired Interest in the Property, AZIMUT shall transfer to and record in NORTHWESTERN’s name the Acquired Interest, at AZIMUT’s sole expense;
18.6 If the other Parties will reimburse the Acquiring Party for that portion of the cost of acquisition which is equivalent party fails to their respective Interests.
23.5 If the Management Committee does not make the election aforesaid within that the stipulated period of 30 days, the right or interest Acquired Interest so acquired will shall not form part of the Property and the Acquiring Party will shall be solely entitled thereto.
23.6 Notwithstanding subparagraph 10.4(g), the Operator will be entitled, at any time and from time to time to surrender all or any part of the Property or to permit the same to lapse, but only upon first either obtaining the unanimous consent of the Management Committee, or giving 60 days notice of its intention to do so to the other Parties. In this latter event, the Parties, other than the Operator, will be entitled to receive from the Operator, on request prior to the date of the surrender or lapse, pro rata in accordance with their respective Interests, a conveyance of that portion of the Property intended for surrender or lapse, together with copies of any plans, assay maps, all drill records and factual engineering data in the Operator’s possession and relevant thereto. Any part of the Property so acquired will cease to be subject to this Agreement and will not be subject to paragraph 23.2. Any part of the Property which has not been so acquired by any of the Parties will remain subject to paragraph 23.2.
Appears in 1 contract
Samples: Property Option Agreement (Northwestern Mineral Ventures Inc.)
AREA OF COMMON INTEREST. 23.1 18.1 The area Area of common interest will Common Interest shall be deemed to comprise that area which is included within two kilometres of the map attached to outermost boundary of the Property as at the date of execution of this Agreement. Nothing in this Agreement as Appendix IIshall cause the Area of Common Interest to be expanded, unless by mutual agreement of both parties.
23.2 18.2 If at any time during the subsistence of this Agreement any Party party or the Affiliate an affiliate of any Party party (in this section Section only called in each case the “"Acquiring Party”") stakes or otherwise acquires, directly or indirectly, any right to or interest in any mining claim, licence, lease, grant, concession, permit, patent, or other mineral property located wholly or partly within the area Area of interest Common Interest referred to in subparagraph 23.1Section 18.1, the Acquiring Party will shall forthwith give notice to the other Parties party of that staking or acquisition, the total cost thereof and all details in the possession of that Party party with respect to the details of the acquisition, the nature of the property and the known mineralization.
23.3 18.3 The Management Committee (the representative of the Acquiring Party not being entitled to vote with respect thereto) other party may, within 30 days of receipt of the Acquiring Party’s 's notice, elect, by notice to the Acquiring Party, to require that the mineral properties and the right or interest acquired be included in and thereafter form from part of the Property for all purposes of this Agreement.
23.4 18.4 If the election aforesaid is made, all the other Parties will Geocom shall reimburse the Acquiring Party (if the Acquiring Party is TNR) for that portion only the actual and physical cost of acquisition. If the Acquiring Party is Geocom it shall not be entitled to reimbursement of its costs of acquisition. In any event, all costs of acquisition shall be deemed to be part of the cost of acquisition which is equivalent exploration and development expenses to their respective Interestsbe incurred by Geocom to earn an interest in the Property.
23.5 18.5 If the Management Committee other party does not make the election aforesaid within that period of 30 days, the right or interest acquired will shall not form part of the Property and the Acquiring Party will shall be solely entitled thereto.
23.6 Notwithstanding subparagraph 10.4(g), the Operator will 18.6 Geocom shall be entitled, at any time and from time to time time, to surrender all or any part of the Property or to permit the same to lapse, but only upon first either obtaining the unanimous consent of the Management Committee, or giving 60 days days' notice of its intention to do so to the other PartiesTNR. In this latter event, the Parties, other than the Operator, will TNR shall be entitled to receive from the OperatorGeocom, on request prior to the date of the surrender or lapse, pro rata in accordance with their respective Interests, a conveyance of that portion of the Property intended for surrender or lapse, together with copies of any plans, assay maps, all diamond drill records and factual engineering data in the Operator’s Geocom's possession and relevant thereto. Any part of the Property so acquired will shall cease to be subject to this Agreement and will shall not be subject to paragraph 23.2Section 18.2. Any part of the Property which that has not been so acquired by any of the Parties will parties shall remain subject to paragraph 23.2Section 18.2.
Appears in 1 contract
AREA OF COMMON INTEREST. 23.1 20.1 The area of common interest will (“Area of Common Interest”) shall be deemed to comprise that area which is included within one mile of the outermost boundary of the Property as at the date of execution of this Agreement as shown on the map attached as part of Schedule A to this Agreement. Nothing in this Agreement as Appendix IIshall cause the Area of Common Interest to be expanded.
23.2 20.2 If at any time during the subsistence of this Agreement any Party party or the Affiliate an affiliate of any Party party (in this section Section only called in each case the “Acquiring Party”) stakes or otherwise acquires, directly or indirectly, any right to or interest in any mining claim, licence, lease, grant, concession, permit, patent, or other mineral property claim located wholly or partly within the area Area of interest Common Interest referred to in subparagraph 23.1Section 20.1, the Acquiring Party will shall forthwith give notice to the other Parties party of that staking or acquisition, the total cost thereof and all details in the possession of that Party party with respect to the details of the acquisitionstaking, the nature of the property and the known mineralization.
23.3 20.3 The Management Committee (the representative of the Acquiring Party not being entitled to vote with respect thereto) other party may, within 30 days of receipt of the Acquiring Party’s notice, elect, by notice to the Acquiring Party, to require that the mineral properties and the right or interest acquired be included in and thereafter form from part of the Property for all purposes of this Agreement.
23.4 20.4 If the election aforesaid is made, all the other Parties will Evanachan shall reimburse the Acquiring Party (if the Acquiring Party is Rimfire) for that portion of the cost of acquisition which staking. If the Acquiring Party is equivalent Evanachan it shall not be entitled to their respective Interestsreimbursement of its costs of staking. In any event, all costs of staking shall be deemed to be part of the Expenditures to be incurred by Evanachan to earn an interest in the Property.
23.5 20.5 If the Management Committee other party does not make the election aforesaid within that period of 30 days, the right or interest acquired will shall not form part of the Property and the Acquiring Party will shall be solely entitled thereto.
23.6 Notwithstanding subparagraph 10.4(g)20.6 For greater certainty, the Operator will be entitled, at any time and from time to time to surrender all or any part of the Property or abandoned by Evanachan and acquired by Rimfire pursuant to permit the same to lapse, but only upon first either obtaining the unanimous consent of the Management Committee, or giving 60 days notice of its intention to do so to the other Parties. In this latter event, the Parties, other than the Operator, will be entitled to receive from the Operator, on request prior to the date of the surrender or lapse, pro rata in accordance with their respective Interests, a conveyance of that portion of the Property intended for surrender or lapse, together with copies of any plans, assay maps, all drill records and factual engineering data in the Operator’s possession and relevant thereto. Any part of the Property so acquired will cease to be subject to this Agreement and will Section 15.0 shall not be subject to paragraph 23.2Section 20.2. Any part of the Property which has not been so acquired by any of the Parties will Rimfire shall remain subject to paragraph 23.2Section 20.2.
Appears in 1 contract
AREA OF COMMON INTEREST. 23.1 20.1 The area of common interest will shall be deemed to comprise that area which is included within the map attached to this Agreement outermost boundary of the mineral properties which constitute the Property as Appendix IIat the Operative Date.
23.2 20.2 If at any time during the subsistence of this Agreement any Party party or the Affiliate of any Party party (in this section only called in each case the “"Acquiring Party”") stakes or otherwise acquires, directly or indirectly, any right to or interest in any mining claim, licence, lease, grant, concession, permit, patent, or other mineral property located wholly or partly within the area of interest referred to in subparagraph 23.120.1, the Acquiring Party will shall forthwith give notice to the other Parties parties of that staking or acquisition, the total cost thereof and all details in the possession of that Party party with respect to the details of the acquisition, the nature of the property and the known mineralization.
23.3 20.3 The Management Committee (the representative of the Acquiring Party not being entitled to vote with respect thereto) may, within 30 days of receipt of the Acquiring Party’s 's notice, elect, by notice to the Acquiring Party, to require that the mineral properties and the right or interest acquired be included in and thereafter form part of the Property for all purposes of this Agreement.
23.4 20.4 If the election aforesaid is made, all the other Parties will parties shall reimburse the Acquiring Party for that portion of the cost of acquisition which is equivalent to their respective Interests.
23.5 20.5 If the Management Committee does not make the election aforesaid within that period of 30 days, the right or interest acquired will shall not form part of the Property and the Acquiring Party will shall be solely entitled thereto.
23.6 20.6 Notwithstanding subparagraph 10.4(g6.4(e), the Operator will shall be entitled, at any time and from time to time to surrender all or any part of the Property or to permit the same to lapse, but only upon first either obtaining the unanimous consent of the Management Committee, or giving 60 days notice of its intention to do so to the other Partiesparties. In this latter event, the Partiesparties, other than the Operator, will shall be entitled to receive from the Operator, on request prior to the date of the surrender or lapse, pro rata in accordance with their respective Interests, a conveyance of that portion of the Property intended for surrender or lapse, together with copies of any plans, assay maps, all diamond drill records and factual engineering data in the Operator’s 's possession and relevant thereto. Any part of the Property so acquired will shall cease to be subject to this Agreement and will shall not be subject to paragraph 23.220.2. Any part of the Property which has not been so acquired by any of the Parties will parties shall remain subject to paragraph 23.220.2.
Appears in 1 contract
AREA OF COMMON INTEREST. 23.1 21.1 The area of common interest will shall be deemed to comprise that area which is included any mineral interest staked after the date of the Option Agreement and located wholly or partly within one mile of the boundaries of the Property as they existed on the date of the Option Agreement and as shown on the map attached in Schedule A to this Agreement as Appendix II(the “Area of Interest”).
23.2 21.2 If at any time during the subsistence of this Agreement any Party party or the Affiliate of any Party party (in this section Section only called in each case the “Acquiring Party”) stakes or otherwise acquires, directly or indirectly, any right to or interest in any mining claim, licence, lease, grant, concession, permit, patent, or other mineral property located wholly or partly within the area Area of interest Interest referred to in subparagraph 23.1Section 21.1, the Acquiring Party will shall forthwith give notice to the other Parties parties of that staking or acquisitionstaking, the total cost thereof and all details in the possession of that Party party with respect to the details of the acquisitionstaking, the nature of the property and the known mineralization.
23.3 21.3 The Management Committee (the representative of the Acquiring Party not being entitled to vote with respect thereto) may, within 30 days of receipt of the Acquiring Party’s notice, elect, by notice to the Acquiring Party, to require that the mineral properties and the right or interest acquired be included in and thereafter form part of the Property for all purposes of this Agreement.
23.4 21.4 If the election aforesaid is made, all the other Parties will parties shall reimburse the Acquiring Party for that portion of the cost of acquisition staking which is equivalent to their respective Interests.
23.5 21.5 If the Management Committee does not make the election aforesaid within that period of 30 days, the right or interest acquired will shall not form part of the Property and the Acquiring Party will shall be solely entitled thereto.
23.6 21.6 Notwithstanding subparagraph 10.4(gSection 6.4(e), the Operator will shall be entitled, at any time and from time to time to surrender all or any part of the Property or to permit the same to lapse, but only upon first either obtaining the unanimous consent of the Management Committee, or giving 60 days days’ notice of its intention to do so to the other Partiesparties. In this latter event, the Partiesparties, other than the Operator, will shall be entitled to receive from the Operator, on request prior to the date of the surrender or lapse, pro rata in accordance with their respective Interests, a conveyance of that portion of the Property intended for surrender or lapse, together with copies of any plans, assay maps, all diamond drill records and factual engineering data in the Operator’s possession and relevant thereto. Any part of the Property so acquired will shall cease to be subject to this Agreement and will shall not be subject to paragraph 23.2Section 21.2. Any part of the Property which has not been so acquired by any of the Parties will parties shall remain subject to paragraph 23.2Section 21.2.
Appears in 1 contract
AREA OF COMMON INTEREST. 23.1 18.1 The area of common interest will shall be deemed to comprise that area which is included within the map attached to this Agreement outermost boundary of the mineral properties which constitute the Property as Appendix II.at the date of signature of the Letter Agreement, plus a buffer zone of 10 km around the Property (the “Area of Common Interest”);
23.2 18.2 If at any time during the subsistence currency of this Agreement any Party or the Affiliate of any Party party (in this section only article 18, only, called in each case the “Acquiring Party”) stakes or otherwise acquires, directly or indirectly, any right to or interest in any mining claim, licence, lease, grant, concession, permit, patent, patent or other mineral property interest located wholly or partly within the area Area of interest referred to Common Interest (in subparagraph 23.1this article 18, only, called the “Acquired Interest”), the Acquiring Party will shall forthwith give notice to the other Parties party of that staking or acquisition, the total cost thereof and all details in the possession of that Party party with respect to the details of the acquisition, the nature of the property Acquired Interest and the known mineralization.;
23.3 18.3 The Management Committee (the representative of the Acquiring Party not being entitled to vote with respect thereto) other party may, within 30 days of receipt of the Acquiring Party’s notice, elect, by notice to the Acquiring Party, to require that the mineral properties and the right or interest acquired Acquired Interest be included in and thereafter form part of the Property for all purposes of this Agreement.
23.4 18.4 If the election aforesaid is made, NORTHWESTERN shall pay all of the reasonable costs of such acquisition, and such costs shall constitute Work Expenditures hereunder;
18.5 Any Acquired Interest so acquired either by NORTHWESTERN or by AZIMUT will be recorded in AZIMUT’s name until the execution of the Joint Venture Agreement by the parties. Where any Acquired Interest is so acquired by NORTHWESTERN and, within the stipulated period of 30 days, AZIMUT elects not to include such Acquired Interest in the Property, AZIMUT shall transfer to and record in NORTHWESTERN’s name the Acquired Interest, at AZIMUT’s sole expense; Property Option Agreement Azimut Exploration Inc & Northwestern Mineral Ventures Inc.
18.6 If the other Parties will reimburse the Acquiring Party for that portion of the cost of acquisition which is equivalent party fails to their respective Interests.
23.5 If the Management Committee does not make the election aforesaid within that the stipulated period of 30 days, the right or interest Acquired Interest so acquired will shall not form part of the Property and the Acquiring Party will shall be solely entitled thereto.
23.6 Notwithstanding subparagraph 10.4(g), the Operator will be entitled, at any time and from time to time to surrender all or any part of the Property or to permit the same to lapse, but only upon first either obtaining the unanimous consent of the Management Committee, or giving 60 days notice of its intention to do so to the other Parties. In this latter event, the Parties, other than the Operator, will be entitled to receive from the Operator, on request prior to the date of the surrender or lapse, pro rata in accordance with their respective Interests, a conveyance of that portion of the Property intended for surrender or lapse, together with copies of any plans, assay maps, all drill records and factual engineering data in the Operator’s possession and relevant thereto. Any part of the Property so acquired will cease to be subject to this Agreement and will not be subject to paragraph 23.2. Any part of the Property which has not been so acquired by any of the Parties will remain subject to paragraph 23.2.
Appears in 1 contract
AREA OF COMMON INTEREST. 23.1 20.01 The area of common interest will shall be deemed to comprise that area which is included within the map attached to this Agreement outermost boundary of the mineral properties which constitute the Property as Appendix IIat the Operative Date.
23.2 20.02 If at any time during the subsistence of this Agreement any Party party or the Affiliate of any Party party (in this section only called in each case the “"Acquiring Party”") stakes or otherwise acquires, directly or indirectly, any right to or interest in any mining claim, licence, lease, grant, concession, permit, patent, or other mineral property located wholly or partly within the area of interest referred to in subparagraph 23.120.01, the Acquiring Party will shall forthwith give notice to the other Parties parties of that staking or acquisition, the total cost thereof and all details in the possession of that Party party with respect to the details of the acquisition, the nature of the property and the known mineralization.
23.3 20.03 The Management Committee (the representative of the Acquiring Party not being entitled to vote with respect thereto) may, within 30 days of receipt of the Acquiring Party’s 's notice, elect, by notice to the Acquiring Party, to require that the mineral properties and the right or interest acquired be included in and thereafter form part of the Property for all purposes of this Agreement.
23.4 20.04 If the election aforesaid is made, all the other Parties will parties shall reimburse the Acquiring Party for that portion of the cost of acquisition which is equivalent to their respective Interests.
23.5 20.05 If the Management Committee does not make the election aforesaid within that period of 30 days, the right or interest acquired will shall not form part of the Property and the Acquiring Party will shall be solely entitled thereto.
23.6 20.06 Notwithstanding subparagraph 10.4(g6.04(e), the Operator will shall be entitled, at any time and from time to time to surrender all or any part of the Property or to permit the same to lapse, but only upon first either obtaining the unanimous consent of the Management Committee, or giving 60 days notice of its intention to do so to the other Partiesparties. In this latter event, the Partiesparties, other than the Operator, will shall be entitled to receive from the Operator, on request prior to the date of the surrender or lapse, pro rata in accordance with their respective Interests, a conveyance of that portion of the Property intended for surrender or lapse, together with copies of any plans, assay maps, all diamond drill records and factual engineering data in the Operator’s 's possession and relevant thereto. Any part of the Property so acquired will shall cease to be subject to this Agreement and will shall not be subject to paragraph 23.2. Any part of the Property which has not been so acquired by any of the Parties will remain subject to paragraph 23.220.
Appears in 1 contract
Samples: Property Option Agreement (Revelstoke Industries, Inc.)
AREA OF COMMON INTEREST. 23.1 20.01 The area of common interest will shall be deemed to comprise that area which is included within the map attached to this Agreement outermost boundary of the mineral properties which constitute the Property as Appendix IIat the Operative Date.
23.2 20.02 If at any time during the subsistence of this Agreement any Party party or the Affiliate of any Party party (in this section only called in each case the “"Acquiring Party”") stakes or otherwise acquires, directly or indirectly, any right to or interest in any mining claim, licence, lease, grant, concession, permit, patent, or other mineral property located wholly or partly within the area of interest referred to in subparagraph 23.120.01, the Acquiring Party will shall forthwith give notice to the other Parties parties of that staking or acquisition, the total cost thereof and all details in the possession of that Party party with respect to the details of the acquisition, the nature of the property and the known mineralization.
23.3 20.03 The Management Committee (the representative of the Acquiring Party not being entitled to vote with respect thereto) may, within 30 days of receipt of the Acquiring Party’s 's notice, elect, by notice to the Acquiring Party, to require that the mineral properties and the right or interest acquired be included in and thereafter form part of the Property for all purposes of this Agreement.
23.4 20.04 If the election aforesaid is made, all the other Parties will parties shall reimburse the Acquiring Party for that portion of the cost of acquisition acquisition, which is equivalent to their respective Interests.
23.5 20.05 If the Management Committee does not make the election aforesaid within that period of 30 days, the right or interest acquired will shall not form part of the Property and the Acquiring Party will shall be solely entitled thereto.
23.6 20.06 Notwithstanding subparagraph 10.4(g6.04(e), the Operator will shall be entitled, at any time and from time to time to surrender all or any part of the Property or to permit the same to lapse, but only upon first either obtaining the unanimous consent of the Management Committee, or giving 60 days notice of its intention to do so to the other Partiesparties. In this latter event, the Partiesparties, other than the Operator, will shall be entitled to receive from the Operator, on request prior to the date of the surrender or lapse, pro rata in accordance with their respective Interests, a conveyance of that portion of the Property intended for surrender or lapse, together with copies of any plans, assay maps, all diamond drill records and factual engineering data in the Operator’s possession and relevant thereto. Any part of the Property so acquired will cease to be subject to this Agreement and will not be subject to paragraph 23.2. Any part of the Property which has not been so acquired by any of the Parties will remain subject to paragraph 23.2.'s possession
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