Lease Agreement - Nev-Lorraine Claims
On February 6, 2018 Abacus announced the signing of a ten-year lease agreement on the Nev-Lorraine claims. The agreement allows the Company to explore these claims by incurring yearly expenditures of US$20,000 and by making escalating yearly lease payments, starting at US$60,000 and increasing by US$10,000 each year thereafter.
At any time during the life of the agreement, Abacus can elect to purchase the claim group outright for sums ranging from US$1,500,000 to US$1,950,000, with the vendors not retaining an NSR. The yearly expenditures are cumulative, meaning that any excess expenditure can be carried through to subsequent years.