CMKM Diamonds Inc (C-CMKX) - News Release
United Carina to acquire 10% of Black Warrior
2005-04-27 14:26 ET - News Release
Shares issued 703,518,875,000
From News Release (C-UCA) United Carina Resources Corp
Mr. Rick Walker of United Carina reports
United Carina Resources Corp. has entered into an option agreement with Entourage Mining Ltd. whereby United Carina has been granted the right to earn a 10-per-cent interest in a prospective gold-silver mineral property located at Mineral Ridge in the Walker Lane gold-silver belt of Esmeralda county, Nevada, known as the Black Warrior project. Entourage holds the right to acquire a 100-per-cent interest in the Black Warrior project, subject to a 3-per-cent net smelter royalty granted to the owner.
To exercise its option to acquire a 10-per-cent interest, United Carina must:
pay to Entourage $40,000 (U.S.) upon Entourage exercising its option to purchase a 100-per-cent interest in the Black Warrior project for $400,000 (U.S.); and
make $85,000 (U.S.) in work commitments or an amount equal to but not to exceed 10 per cent of Entourage's work expenditures on the property.
When the transaction is concluded, ownership in the property will be United Carina 10 per cent, CMKM Diamonds Inc. 10 per cent and Entourage 80 per cent. The companies are awaiting drill permits from the Bureau of Land Management and expect to have an extensive drill program under way in the near future.
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