Under the terms of agreement, the company will issue 300,000 common shares to ITUM upon receiving final approval of the exploration agreement.
Cap-Ex has agreed to make annual payments to ITUM, upon completing certain levels of exploration activities on its properties during the 2011.
The company will work with ITUM to monitor environmental and other impacts of its exploration activities.
Cap-Ex will make annual payment to ITUM for monitoring activities.
ITUM has given its consent to the Company’s exploration activities on its properties, in consideration of the benefits received under the exploration agreement.
Cap-Ex Ventures is focused on the development of its Block 103 iron ore property in the Labrador trough, near the mining town of Schefferville located in Quebec, Canada.
