An additional 20% interest in the Nelligan II property in the Chibougamau area of northwestern Quebec may be acquired by Soquem, says Orient Resources (ME).
Orient says Soquem intends to pay $10,000 and fund more exploration work worth $240,000 to increase its interest to 70% from 50%. Currently, Orient, project manager, has a 25% interest. Consolidated Gold Hawk Resources (ASE) owns the remaining 25% interest.
Soquem is earning a 50% interest in the project through work expenditures of $500,000.
Meanwhile, Orient is hoping to raise up to $1.5 million through a public offering involving flow-through shares with the Oasis/Orient (1992) Mining Exploration partnership.
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