Glen Auden/Noranda agreement

Glen Auden Resources has entered into an agreement with Noranda Exploration Co. on its 26-claim Burntbush property in Hurtubise Twp., Ont., which is the western extension of the Casa Berardi area, Thomas Skimming, president of Glen Auden, reports.

Glen Auden acquired a 100% interest in the property from the Turgeon Staking Syndicate in January, subject only to a 3% net smelter interest royalty.

Under terms of the agreement, Noranda has the right to earn a 50% interest in the property by spending $300,000 on exploration on or before Sept 1, 1989. Noranda can earn a further 20% interest by spending an additional $200,000 on or before Sept 1, 1991. Thereafter all further expenditures will be in the ratio of Noranda 70%, Glen Auden 30%. Under no circumstances can Glen Auden’s interest in the property be reduced to less than a 10% net profits interest, Mr Skimming says.