Northern Empire Minerals Ltd. (NEM:TSXV) and Stornoway Ventures Ltd. (SWV:TSXV) have jointly granted an option to Glencairn Explorations Ltd. (GLJ:TSXV) to earn an interest in the Aviat North and South Properties.
The Aviat Properties, totaling more than 1.28 million acres in size, are located on the Melville Peninsula, Nunavut, Canada. Northern Empire and Stornoway optioned the properties after reviewing favourable diamond indicator mineral results from samples taken by the vendor during the 2001 field season. Northern Empire and Stornoway have the option to earn a collective seventy percent (70%) interest (35% to each of NEM and SWV) in the Aviat Properties. Further details may be found on Northern Empire's News Release No. 02-06 dated February 5, 2002.
Under the terms of the option, Glencairn may earn a 16.66% interest in the Aviat Properties on a pro rata basis from Northern Empire and Stornoway by funding $475,000 of the Aviat exploration program. Northern Empire and Stornoway will be responsible to spend the remaining $1,525,000 of expenditures needed to earn their respective interests in the properties. All of Glencairn's funds will be spent by December 1, 2002. After exercising the option, Glencairn's interest in the properties may be converted into shares of Northern Empire and Stornoway. A program and budget are currently being prepared.
"We are delighted to be offered this opportunity to participate in what is emerging as a new and high profile diamond exploration district in Nunavut. Major mining companies such as De Beers and BHP Billiton have permitted enormous tracts of land on Baffin Island after conducting regional sampling programs. We believe that our participation in Aviat will pay off handsomely." said Kerry Knoll President and CEO of Glencairn.
As part of this transaction, Siwash Holdings Ltd. will receive a finder's fee of 50,000 shares from each of Northern Empire and Stornoway.
On behalf of the Board,
NORTHERN EMPIRE MINERALS LTD.
"John E. Robins"
John E. Robins, P. Geo.
President
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