Under the agreement, Noka should issue 6,000,000 common shares to the vendors to earn a 100% interest in the property.
Over the next 48 months, the company must make additional payments totaling $1,600,000 and should complete $2,000,000 in exploration expenditures on the property within four years.
The company has also granted a 1% NSR to the vendor, of which ½% may be purchased by the Noka for $1,500,000.
The project comprises several kilometers of north east trending conductors, delineated though both airborne and ground EM surveys while and first pass drilling in 2000 encountered favorable alteration and base metal enrichment for uranium deposition.
Commenting on the acquisition, Noka Resources president Nav Dahliwal said, "We are extremely excited in this opportunity to expand our portfolio along the prolific edge of the southern basin with the ultimate goal of making a world class discovery and increasing shareholder value."
