Delta Mining and Exploration Corp. is pleased to announce that it has signed a binding agreement with Amigo Inc. Garry and Mr. Carlson for the acquisition 100% interest in Delcer Buttes copper gold property in Elko County, Nevada.Basic requirement Agreement
Delta will have a 100% undivided interest by issuing seven million common shares for a limited Amigo Delta from trading until July 1, 2010, paying $ 10,000 in cash (to cover the previously-paid property maintenance costs for two years) and the minimum expenditure $ 20,000 per year as a commitment to work in the Property.
In addition, 2% Net Smelter Return royalty paid to Amigo from commercial production from the Property. Delta still has the right to buy back, at any time, half of the NSR royalty (1%) for $ 3 million.
Title 31 unpatented mining to hard rock claims (a total of 680 hectares) covers property will be transferred to the Delta and the Delta must maintain property in good standing in accordance with Nevada State and Federal mining laws, including the government pays for all maintenance payments.
Delta will be the operator of the project and agreed to use Amigo consulting services on the basis of certain exploration services (including geophysical surveys) in the Property to a maximum of two years.
Details of the work program will be announced in the near future pending the finalization of the initial field work program by Delta and Amigo.
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