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Here is what I am trying to figure out.

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GOLDENBOLLOX   Friday, 04/29/11 03:13:46 AM
Re: nodummy post# 8814
Post # of 191278 
Here is what I am trying to figure out.

On December 16, 2010, we entered into an assignment agreement with Lithium Exploration VIII Ltd., a Nevada company, in regards to the acquisition of an option interest in a prospective Lithium property in the Province of Alberta, Canada.

First Lithium Resources Inc. and Lithium Exploration VIII had entered into an option agreement dated October 6, 2010, in regards to an option interest in certain mineral permits in Alberta, Canada, which option agreement and interest have been assigned to our company. Specifically, Lithium Exploration acquired an option to acquire a 100% interest in five mineral permits totaling 45,952 hectares in Alberta, Nevada which we have assumed.

In regards to the option agreement for the property, our obligations for the property that we have assumed consist of:


Making payments in the aggregate amount of $500,000 in annual periodic payments escalating from $40,000 to $300,000, to January 1, 2014.

Complying with the net smelter royalty payments upon commercial production, which consists of 1% to First Lithium and certain underlying royalties payable to the original property vendor (a 3% net smelter return royalty and a 5% gross overriding royalty, which latter royalty is specific to diamond production).

One would conclude that this would be good news for shareholders of First Lithium Resources Inc however not a word of news on the subject http://www.firstlithiumresources.com/News/.

If I am right half the time then I'm doing better than most!
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