Nora Announce The Joint Venture Acquisition of Two Off-Shore Concessions in Namibia Totaling 190,500 Hectares.MONTREAL--(BUSINESS WIRE)--June 2, 1998--Nora Exploration Inc. (ME:NXI NXI Nex Talk Interface ), is pleased to announce the joint venture acquisition of two (2) additional off-shore concessions in Namibia, totaling 190,500 hectares (1,905 sq. km.) Known respectively as "Block J" (100,000 hectares/1,000 sq. km.) and "Block N" (90,500 hectares/905 sq. km.) the concessions are located off the western shores of Namibia between the 100 m and 200 m isobath, both concessions are bordered to the south by the Namibian Minerals Corporation's concession (Namco) and to the north by Ocean Diamond Mining's concession (ODM (Original Design Manufacturer) A contract manufacturer that uses its own designs and intellectual property (IP). See contract manufacturer. ). For a total consideration of 300,000 common shares (150,000 per concession) Nora obtained an option to acquire a 50 percent interest in both concessions and has since exercised that option, creating joint venture partnerships with Woduna Mining Holding (Pty) Ltd. (Block J) and Karas Karas may refer to:
TERMS AND CONDITIONS In consideration for the participation and the formation of the joint venture agreements, NORA: -has earned the sole and exclusive right to a fifty percent (50 percent) undivided beneficial interest in the joint ventures, - shall incur the exploration expenditures on the EPL's, -shall have the exclusive right to manage and operate the exploration programs for a fee of fifteen percent (15 percent) Plans to develop the concessions are underway and scheduled to commence in the fall of 1998, starting with a detailed geophysical survey Geophysical survey refers to the systematic collection of geophysical data for spatial studies. Geophysical surveys may use a great variety of sensing instruments, and data may be collected from above or below the Earth's surface or from aerial or marine platforms. of the properties at a cost of approximately USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. $400,000. NORA is confident that the geophysical survey will reveal that the sedimentary sed·i·men·ta·ry also sed·i·men·tal adj. 1. Of, containing, resembling, or derived from sediment. 2. Geology Of or relating to rocks formed by the deposition of sediment. base is similar to the surrounding concessions held by Namco and ODM. Nora Exploration Inc., is a Canadian based exploration and mining company, actively involved in the acquisition, exploration and development of first rate diamond properties in Africa. The Corporation's rapid and dynamic growth will place it among the significant players in the world marine diamond business. Its shares are traded on the Montreal Stock Exchange Montreal Stock Exchange See Bourse de Montreal, Inc. (Canadian Derivatives Exchange) under the symbol NXI-ME. The transactions are subject to approval from all regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities .
CONTACT: Nora Exploration Inc.
Pierre Leveille, 514/846-2133 or
1-888-666-3431
http://www.nora.com
info@nora.com
or
Nora Exploration Inc.
John Stella, 514/846-2133 or 1-888-666-3431
http://www.nora.com
info@nora.com
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