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Anaconda Mining(ANX)&Metals Creek Resources Renegotiates Terms of the Jackson cove agreement,Nov 12

Discussion in 'Canadian Stocks Message Boards' started by Intern shIp, Nov 13, 2019.

  1. Intern shIp

    Intern shIp Member

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    On October 15, 2019, Anaconda and Magna Terra Minerals Inc. (“Magna Terra”) (TSX-V:MTT) announced they have entered into a definitive share purchase agreement dated October 14, 2019, whereby Magna Terra proposes to acquire all of the issued and outstanding common shares of Anaconda's wholly owned subsidiary, 2647102 Ontario Inc. (ExploreCo). ExploreCo owns a 100-percent interest in the Great Northern and Viking projects in Newfoundland and Labrador, and the Cape Spencer project in New Brunswick. The Jacksons Arm Project is part of ExploreCo’s Great Northern Project.

    http://www.metalscreek.com/november-12-2019

    Under the revised terms of the Jacksons Arm Agreement, on or before the November 7, 2019 Anaconda will issue to Metals Creek 50,000 Consideration Shares (see definition below), and on or before January 6, 2020 - $20,000 in cash by wire transfer and $70,000 in Consideration Shares.

    All other terms of the agreement remain unchanged.

    Tilt Cove Agreement with Anaconda

    Under the revised terms of the Tilt Cove Agreement,to maintain the Option with respect to the Licenses in full force, ANX shall pay to MCR the following amounts:

    - on the Effective Date (November 7, 2016) – $20,000 in cash by wire transfer and 50,000 Consideration Shares (see definition below); (Paid)

    - on the first anniversary of the Effective Date – $40,000 in cash by wire transfer and 100,000 Consideration Shares; (Paid)

    - on the second anniversary of the Effective Date – $60,000 in cash by wire transfer and 150,000 Consideration Shares;(Paid)

    - On the third anniversary of the Effective Date - $20,000 in cash and 100,000 Consideration Shares;

    - On or before February 6, 2020 - $20,000 in cash;

    - On or before May 6, 2020 – $20,000 in cash; and

    - On or before August 6, 2020 – $20,000 in cash.

    To further maintain the Option in full force with respect to the Licenses, Anaconda shall fund Expenditures with respect to the Licenses aggregating a minimum of $150,000 at any time or times during the Option Period.

    All other terms of the agreement remain unchanged.

    Consideration Shares

    Under the Jacksons Arm Agreement the Consideration Shares shall be issued as fully paid and non-assessable shares and shall form part of a class of shares that is listed and posted for trading on an Exchange and shall be free and clear of all restrictions on trading other than those required by applicable Laws.

    For clarity, the number of Consideration Shares set forth herein refers to common shares in the capital of the Optionee as constituted on the date hereof. Such number of common shares shall be subject to adjustment, as deemed necessary by the directors of the Optionee, acting reasonably from time to time, including without limitation, upon the occurrence of a subdivision or consolidation of the common shares in the capital of the Optionee.

    Under the Tilt Cove Agreement the number of Consideration Shares set forth herein refers to common shares in the capital of Anaconda as constituted on the date hereof. Such number of common shares shall be subject to adjustment, as deemed necessary by the directors of the Optionee, acting reasonably from time to time, including without limitation, upon the occurrence of a subdivision or consolidation of the common shares in the capital of the Optionee.
     
  2. Intern shIp

    Intern shIp Member

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    Anaconda Mining Discovers New Prospective Areas at its Tilt Cove Gold Project and Initiates Trenching and Drilling Program
    • Anaconda Mining Inc--Anaconda Mining Discovers New Prospective A
    • [​IMG]

      Anaconda Mining Inc--Anaconda Mining Discovers New Prospective A
    • Discovered the new Growler Showing with seven grab samples ranging in grade from 2.11 to 5.68 grams per tonne ("g/t") gold, with similarities to Nugget Pond-style gold mineralization (Exhibit A and B);

    • Discovered a new prospective iron formation, the Red Cliff Horizon, in the footwall of the Nugget Pond Horizon with a 6 km strike, establishing two potential host rocks for Nugget Pond-style gold mineralization in this area (Exhibit A and B);

    • Acquired new land adjacent to the Growler Showing that hosts the Betts Big Pond Showing with historic grab samples up to 60.66 g/t gold and chip samples of 8.19 g/t gold over 2.3 m;

    • Developed three drill targets associated with coincident structures that cross the Nugget Pond and Red Cliff Horizons, associated with low magnetic intensity and includes gold-in-soil anomalies located along the southeast trend of historic glacial movement ("down-ice");

    • Identified a broad gold-in-soil anomaly down-ice from the Red Cliff Pond Target;

    • Found 154 samples with anomalous gold (82 samples greater than 0.50 g/t gold, 31 greater 3.00 g/t gold and 14 high-grade samples ranging from 5.16 g/t gold to 216.10 g/t gold) and two visible gold occurrences; and

    • Initiated a trenching program and a diamond drilling program of up to 4,000 metres, including initial trenching and 1,000 metres of drill testing at the Growler Showing, West Pond and Red Cliff Pond targets (Exhibit B).


    "Based on data from our recent comprehensive exploration evaluation program, combined with historical data, we have identified exciting new opportunities for discovery at the Tilt Cove Gold Project and have initiated trenching programs and drill testing of these targets. The identification of the Red Cliff Horizon parallel with the Nugget Pond Horizon over a six-kilometre strike means there are now two potential host rocks for Nugget Pond-style gold mineralization in this area. We have also discovered the Growler Showing, which bares similarities to Nugget Pond-style gold mineralization and is located in the immediate hanging wall of a large-scale fault system and acquired another property hosting the Betts Big Pond Showing. The Growler Showing is currently being tested through trenching and drilling, with drilling at the West Pond and Red Cliff Pond targets to follow. We expect to complete these initial trenching and drilling programs by the end of the year and anticipate commencing a second phase of drilling at Tilt Cove in the new year."

    ~ Kevin Bullock, President and CEO, Anaconda Mining Inc.

    The Red Cliff Horizon

    The Red Cliff Horizon is a previously unrecognized prospective horizon at Tilt Cove located between 50 and 200 metres northwest of, and within the footwall stratigraphy to the steeply dipping Nugget Pond Horizon and has a strike of approximately 6 kilometres (Exhibit B). Like the Nugget Pond Horizon, the Red Cliff Horizon includes iron-rich, magnetic rocks known to be important hosts to gold deposits like the Nugget Pond Deposit. Anaconda has identified three targets (the West Pond, East Pond and Red Cliff Pond targets) located along a six-kilometer strike of both the Nugget Pond Horizon and the Red Cliff Horizon where there is a confluence of cross-cutting structures, breaks in magnetic intensity, and down ice gold-in-soil anomalies, all consistent with the setting of the Nugget Pond Deposit.

    The Growler Showing

    The Growler Showing is located 1.2 kilometres west of the Nugget Pond Mine and is hosted within sedimentary rocks similar to those hosting the Nugget Pond Mine. The rocks hosting the Growler Showing are highly altered and contain abundant (up to 10%) coarse, cubic pyrite as part of the alteration system, a common feature at the Nugget Pond Deposit. The Growler Showing is in the hanging wall of a large-scale fault system as is common to many gold deposits in the Baie Verte Mining District. Ten grab samples were all anomalous in gold including seven samples grading between 2.11 g/t and 5.68 g/t gold.

    The Betts Big Pond Showing

    The Betts Big Pond Showing is located 1.9 kilometres west of the Nugget Pond Mine and 700 metres west of the Growler Showing. The Betts Big Pond Showing is hosted in a similar setting to the Nugget Pond Mine but near a faulted contact with younger Silurian Intrusive rocks of the Cape Brule Porphyry. Alteration comprises disseminated pyrite and associated quartz veins. Historic grab sampling completed in 1987 includes assays up to 60.66 g/t gold and chip sampling in 2017 across the exposed zone assaying 8.18 g/t gold over 2.3 m (true width unknown). Due diligence re-sampling by Anaconda yielded grab samples assaying up to 3.36 g/t gold.

    Highlights of the Tilt Cove Gold Project

    • Large land position that has been consolidated for gold exploration for the first time in decades with 20 kilometres of prospective strike, encompassing the Nugget Pond Horizon, which hosts the past-producing high-grade Nugget Pond;
    • Includes the newly identified Red Cliff Horizon, which is an iron rich magnetic rock prospective for gold deposits;
    • Nugget Pond mineralization is like other Banded-Iron-Formation hosted lode gold deposits, such as Meadowbank, Lupin, Meliadine and Homestake;
    • Includes the Venams Bight Formation, which is the same formation that hosts the Pine Cove Mine at the Point Rousse Project;
    • Significant high-grade historical drill intercepts and the identification of 13 high-priority gold exploration targets including:
      • 6.77 g/t gold over 5.0 metres in hole BC-89-02;
      • 11.20 g/t gold over 1.1 metres in hole BC-89-01;
      • 8.82 g/t gold over 1.0 metre in hole NBC-96-01; and
    • Land package also includes the past-producing Tilt Cove and Betts Cove copper mines.


    This news release has been reviewed and approved by Paul McNeill, P. Geo., VP Exploration with Anaconda Mining Inc., a "Qualified Person", under National Instrument 43-101 Standard for Disclosure for Mineral Projects.

    All "non-historic" samples quoted in this release were analyzed at Eastern Analytical Ltd. in Springdale, NL, for Au by fire assay (30 g) with an AA finish.

    Composited assays from historical drill core are compiled from historic reports and data filed with the Department of Natural Resources, Newfoundland and Labrador. Sufficient work has not been completed by Anaconda geologists and QPs to verify the validity of these composited assays.

    A version of this press release will be available in French on Anaconda's website (www.anacondamining.com) in two to three business days.

    ABOUT ANACONDA

    Anaconda is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in Atlantic Canada. The company operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully-permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~11,000 hectares of highly prospective mineral lands including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project. Anaconda is also developing the Goldboro Gold Project in Nova Scotia, a high-grade resource and the subject of an on-going feasibility study.




    https://www.anacondamining.com/2019...-and-Initiates-Trenching-and-Drilling-Program
     
  3. Intern shIp

    Intern shIp Member

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    Anaconda Mining plans changes to proposed Goldboro mine

    https://www.cbc.ca/news/canada/nova...a1oYMSePAkVGzI6Nwad-IPz7E_VCex69nPzdsFFJaGBCs

    Anaconda Mining originally planned to create a 125-hectare surface and underground gold mine just outside Goldboro, N.S., about 250 kilometres east of Halifax.

    The proposal called for ore to be processed on site and then for gold concentrate to be trucked to the company's Point Rousse processing facility near Baie Verte, N.L., via the North Sydney ferry.

    Company spokesperson Lynn Hammond said the new plans will include a full-scale mill that will produce gold doré, or partially refined, bars at the Goldboro site.

    The revised plans also modify the original layout "with a goal of further minimizing environmental impact," Hammond said.

    The amount of time mining at the surface before moving underground will also shrink to two years from three years.


    [​IMG]
    The company now plans to produce gold bars at its proposed Goldboro, N.S., mine rather than trucking gold concentrate to Newfoundland for processing. (Zach Goudie/CBC)
    Hammond said the new proposal reflects input received from Mi'kmaq organizations and communities.

    The original project was submitted for environmental approval in August 2018.

    But the environment minister said the company's submission didn't contain enough information. She asked Anaconda to write a new, more extensive report on the environmental implications of the project, and gave a one-year deadline.

    This September, three days before that deadline, Anaconda withdrew its proposal for the Goldboro mine from the environmental assessment process. Hammond said Nova Scotia Environment advised the company to withdraw it because of the planned changes.

    The company plans to submit a new environmental assessment before the end of this month.

    The original plan called for construction to begin in 2020 and for production to wrap up in 2029. Hammond said that timeline hasn't changed.
     
  4. Intern shIp

    Intern shIp Member

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    Anaconda mining innovating in Art & trench anomalies

    https://www.juniorminingnetwork.com...ogram-kubi-gold-project-ghana-smd-update.html
    Anaconda Mining is adapting to an increasingly digital world with our entry to PwC Canada’s #artofmining photography competition. Check out www.pwc.com/ca/artofmining and vote now!
    https://im-mining.com/2019/06/06/anaconda-mining-ready-disrupt-narrow-vein-mining-sector/

    [​IMG]
    [​IMG]
     
  5. Intern shIp

    Intern shIp Member

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    Anaconda Mining Inc. ("Anaconda" or the "Company") (ANX: TSX) (OTCQX: ANXGF) is pleased to announce the results of an underground bulk sample program (the "Bulk Sample") undertaken at its 100%-owned Goldboro Gold Project ("Goldboro" or the "Project") located in Nova Scotia, Canada. The objectives of the Bulk Sample were to confirm the geological interpretation of the deposit, test for spatial and grade continuity of the mineralized structures, validate key assumptions of the updated Mineral Resource model, and test certain types of mining methods.

    Key Takeaways of the Bulk Sample
    • [​IMG][​IMG][​IMG][​IMG][​IMG][​IMG][​IMG][​IMG]
    • Successfully tested a large area within the 2019 Mineral Resource Estimate1 with respect to continuity of gold grade and geological interpretation, confirming the position and continuity of mineralized zones;
    • The average diluted mine grade based on grade control samples2 of 3.51 g/t gold reconciles well with the average undiluted grade of the Mineral Resource block model of 3.81 g/t gold in the area of the Bulk Sample (both capped at 80 g/t);
    • The average head grade of 3.81 g/t gold from the Pine Cove Mill shows a positive reconciliation of 8.5% to the mine grade of 3.51 g/t gold, demonstrating an upside bias within an acceptable range;
    • High gravity recovery of 51%, confirming metallurgical test work; and
    • Demonstration of excellent ground conditions through test mining and successful testing of certain underground mining methods to optimally extract the Mineral Resource.
    Bulk Sample Shipped (Diluted)

    Head Grade Through Mill

    Variance
    (%)

    Tonnes (dry)

    g/t Au2

    Ounces

    Tonnes (dry)

    g/t Au3

    Contained Ounces

    9,785

    3.51

    1,106

    9,785

    3.81

    1,197

    8.5%


    1Refer to the Company's technical report entitled "Anaconda Mining Inc., Goldboro Gold Project Resource Update Phase 2, Guysborough County, NS" with an effective date of August 21, 2019 and report filing date of December 18, 2019.

    2Mine grade was based on muck samples taken from every second truck during the mining process, estimated using metallic screening with an 80 g/t gold top cut.

    3 Contained ounces and head grade calculated based on gold produced from the Pine Cove Mill plus gold contained in tailings.

    The delays in processing and completing the Bulk Sample were the result of shipping challenges experienced in the summer of 2019 (see Update on Statement of Claim section below) and the timing in receiving refining results on certain portions of the processed material.

    "Anaconda is pleased to announce the results of the Goldboro Bulk Sample, a key milestone in the advancement towards a construction decision. We are very encouraged with the excellent results of test mining where the average diluted mine grades reconciled well with the estimated undiluted block model grades, providing further confidence in the updated Mineral Resource. The underground component portion of the Measured and Indicated Mineral Resource grade for the entire Goldboro Deposit is 6.18 g/t gold at a 2.0 g/t gold cut-off grade. The positive Bulk Sample results demonstrate a slightly positive reconciliation to the mined grade, within acceptable limits, thereby giving further confidence in the Mineral Resource being used as the basis for the Feasibility Study, which is expected to be announced in Q1 2020. Furthermore, the processing of the bulk sample material demonstrated excellent gravity recovery of 51%, which confirms the gravity test work undertaken as part of the overall metallurgical test program."

    ~ Kevin Bullock, President and CEO, Anaconda Mining Inc.

    Geology and Test Mining

    The Bulk Sample was extracted from the Boston-Richardson Gold System within the Goldboro Deposit, leveraging existing decline and cross cuts developed in the late 1980's to minimize the development needed to access mineralized zones. The average underground NI 43-101 compliant Measured and Indicated Mineral Resource grade for the entire Goldboro Deposit is 6.18 g/t gold at a 2.0 g/t gold cut-off. The Mineral Resource for the specific mine areas targeted for the Bulk Sample predicted 11,274 tonnes of Mineral Resource at an average undiluted grade of 3.81 g/t gold, capped at 80 g/t. A total of 13,022 tonnes of mineralized material was mined and stockpiled on surface, at an average diluted grade of 3.21 g/t gold based on grade control samples capped at 80 g/t gold, out of which 9,785 tonnes at an average diluted grade of 3.51 g/t gold were shipped to the Pine Cove Mill in Newfoundland for processing.

    Five areas of development were completed on three levels (Exhibit A) at mine elevations of 4965 (Level 1), 4930 (Level 2 W, Level 2 E, Level 2 Ramp), and 4920 (Level 3 W and Level 3 E). New development, in excellent ground conditions, included three drifts off the existing cross cuts on Level 1 and Level 2 (Exhibit B) as well as the creation of a newly developed ramp to Level 3 (Exhibit C) with two additional drifts resulting in a total of 213 metres of new development. A total of 86 drift rounds were blasted which allowed for inspection, mapping, and sampling from the faces of the development headings. Information was also collected from the faces of 13 slot raise rounds during the development of the stopes. Drifting was advanced using a single boom jumbo, typically with one round blasted per 12-hour shift. Stoping was completed using a long-hole method using both up-holes and down-holes. Blasted rock was mucked using 1.5 and 2.0 cubic yard scoop trams, and then loaded into a 7.0 cubic yard truck to haul to surface.

    Development faces were geologically mapped, photographed, and sampled. Chip and muck sampling was completed systematically to determine average grade for each round. A total of 2,148 muck and 1,380 chip samples were collected, as well as drilling and sampling of 518 test holes, and 132 long holes, in addition to quality control samples.

    Processing, Grade Reconciliation, and Gold Recovery

    Anaconda shipped 9,785 tonnes of the mineralized material to the Pine Cove Mill in Newfoundland for processing, where the gold was extracted via a combination of gravity recovery followed by sulphide flotation and cyanide leaching. The mill recovered 610 ounces of gold from the gravity concentration circuit, with an additional 360 ounces being recovered through the flotation and leaching circuits, for a total of 970 ounces of gold recovered and an overall recovery of 81%. Concentrate from the gravity circuit was further cleaned through the use of a shaker table and additional gravity concentration processes to ultimately produce gold doré bars.

    The recovery results reflect the limitations of the Pine Cove Mill with respect to the processing of Goldboro material. The metallurgical test work reported on July 9, 2019, demonstrated high overall gold recoveries averaging 97% using gravity processing followed by whole-ore leaching.

    Composite samples taken from key sampling points in the process, including gold contained in tailings, were used in conjunction with the actual gold recovered and milled tonnage to calculate an average head grade of 3.81 g/t gold. The reconciled results from the processing of the Bulk Sample material are as follows:

    Tonnes
    Processed (dry)

    Head
    Grade

    Contained
    Ounces

    Gravity
    Concentrate

    Flotation
    Concentrate
    Leach

    Overall
    Recovery

    Recovered
    Ounces

    Au (g/t)

    Au

    Au Rec
    (%)

    Au
    Oz

    Au Rec
    (%)

    Au
    Oz

    (%)

    Au

    9,785

    3.81

    1,197

    51%

    610

    30%

    360

    81%

    970

    The calculated head grade from processing was 3.81 g/t gold, a positive reconciliation of 8.5% compared to the average mine grade of 3.51 g/t gold. The Bulk Sample results indicate that we have achieved good reconciliation of the diluted material mined compared to the block model, and the reconciliation of the calculated head grade to the average mine grade indicates that the capping of 80 g/t gold is appropriate, with upside bias.

    The gravity recovery compared well to bench scale testing completed in 2019, as part of metallurgical testing done by Base Metallurgical Laboratories Ltd., under supervision of Ausenco Engineering Canada Inc., which is leading the Goldboro mineral processing plant design (see news release dated July 9, 2019).

    Technical Information, Quality Control, and Reporting Protocols

    All underground chip, muck, and sludge samples were shipped daily to the contract assay lab at the Dufferin Mine, near Sheet Harbour, Nova Scotia, where they were analyzed for gold by fire assay. A total of 836 samples (coarse reject material) assaying greater than 1.50 g/t gold were shipped to Eastern Analytical Limited ("Eastern") in Springdale, NL for check analysis via metallic screen fire assay. Quality control samples were systematically inserted into each sample batch and consisted of two prepared powdered gold standards (Certified Reference Material) and a natural blank. Results were assessed for accuracy, precision, and contamination on an ongoing basis.

    Mill feed tonnages used in the sample processing reconciliation were provided daily. The Company collected 6-hour composite samples during the processing of the Bulk Sample, which were assayed by Eastern. Daily composite samples were taken on feed and tail streams for reconciliation purposes. Mill throughput for the Bulk Sample was estimated based on the feed belt scale which is calibrated monthly. All samples were sent out to an external independent lab for preparation and assaying for both gold and arsenic. Gold assays were obtained by screened metallics fire assay. For all the other samples, gold assay was obtained by fire assay AA finish or gravimetric finish.

    Bulk Sample Gold Sales and Update on Statement of Claim

    Of the 970 ounces of gold produced, the Company has sold 903 ounces for gross proceeds of $1,773,000, which will be recorded as a credit against the Goldboro exploration and evaluation asset in the Company's statement of financial position. The related processing costs at the Pine Cove Mill will also be capitalized to the Goldboro asset on a proportionate basis. The remaining ounces will be sold in 2020.

    As reported on July 23, 2019, the initial shipping company that Anaconda had engaged for the Bulk Sample, NIL Group Limited ("NIL"), has filed a Statement of Claim (the "Claim"), alleging that the Company is responsible for certain additional costs in relation to the shipment. As a result, NIL had served a warrant with respect to the approximately 1,000 tonnes which were yet to be discharged from the barge at the time of filing of the Claim. As disclosed as part of Anaconda's Q3 2019 financial reporting, the Company obtained a court order allowing it to process the tonnes subject to the warrant, on condition that it post the proportional gross revenue generated from said tonnes into an escrow account with the Court, pending further legal proceedings.

    The Company continues to consider the Claim to be without merit and on August 16, 2019, the Company filed its Statement of Defense and Counterclaim against NIL, Newman Investments Limited, a related company to NIL, as well as NIL's principals, alleging, among other things, contractual breach, negligent and/or fraudulent misrepresentation, and fraudulent deceit. Statements of Defense to the Company's counterclaim have not yet been filed.
     
  6. Intern shIp

    Intern shIp Member

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    Metals Creek Resources Receives $20,000 Option Payment From Anaconda Mining for Tilt Cove Option https://www.juniorminingnetwork.com...rom-anaconda-mining-for-tilt-cove-option.html

    TSX VENTURE: MEK
    www.metalscreek.com

    Mr. Alexander Stares reports:

    Toronto, Ontario--(Newsfile Corp. - February 10, 2020) - Metals Creek Resources Corp. (TSXV: MEK) (OTC: MCREF) ("Metals Creek" or the "Company") is pleased to announce that the Company has received a $20,000 option payment for the Tilt Cove option from Anaconda Mining Inc. on the 6th of February, 2020.

    Under the revised terms of the Tilt Cove Agreement, to maintain the Option with respect to the Licenses in full force, ANX shall pay to MCR the following amounts:

    • On the Effective Date (November 7, 2016) - $20,000 in cash by wire transfer and 50,000 Consideration Shares (see definition below); (Paid)

    • On the first anniversary of the Effective Date - $40,000 in cash by wire transfer and 100,000 Consideration Shares; (Paid)

    • On the second anniversary of the Effective Date - $60,000 in cash by wire transfer and 150,000 Consideration Shares; (Paid)

    • On the third anniversary of the Effective Date - $20,000 in cash and 100,000 Consideration Shares; (Paid)

    • On or before February 6, 2020 - $20,000 in cash; (Paid)

    • On or before May 6, 2020 - $20,000 in cash; and

    • On or before August 6, 2020 - $20,000 in cash.
    To further maintain the Option in full force with respect to the Licenses, Anaconda shall fund Expenditures with respect to the Licenses aggregating a minimum of $150,000 at any time or times during the Option Period.

    All other terms of the agreement remain unchanged.
     

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