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West Porcupine
Canadian Golden Dragon Resources Ltd.("Dragon") and Mega Uranium Ltd. ("Mega") (collectively known as the "Optionors") optioned the 128 claim unit West Porcupine Property, located 34 miles (54 Km) south west of Timmins, to Maestro Ventures Ltd. ("Maestro"). Under the Option Agreement, the Maestro may earn a 50% interest in the West Porcupine Property, subject to a 2% net smelter return royalty in favour of Newmont Canada Ltd., by carrying out acceptable assessment work on the property totaling $2.5 million in tranches over a five year period, with the first three tranches of $50,000 by March 31, 2004, $50,000 by June 30, 2004 and $100,000 by March 31, 2005 being a firm commitment. Upon earning its 50% interest, a joint venture will be formed and Maestro will be the initial operator. Standard dilution will then apply and if either the Maestro or the Optionors become diluted to a 10% interest, they shall be automatically reduced to a 2% net smelter return royalty interest
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