11:33 AM EST - International Nickel Ventures Corp. : announced that it has entered into two option agreements with Teck Resources Limited and its local subsidiaries which provide INV the right to acquire an initial 50% interest in both the Rio Novo copper-gold property in the Carajas mining district of Brazil and the Kaoko copper property in Northwest Namibia. Under the terms of the Rio Novo agreement, INV may earn an initial 50% interest in the Rio Novo property by funding exploration expenditures of $7 million over three years with guaranteed expenditures of $4 million over two years, after which a joint venture will be formed on a 50% basis. Once the joint venture is formed with INV and Teck both holding a 50% interest, Teck may elect, prior to November 30, 2012, to increase its interest in Rio Novo to 60% by funding expenditures of $7 million over the subsequent two years. If Teck does not exercise its option to increase its interest in Rio Novo to 60%, INV may elect to increase its interest in Rio Novo to 60% by funding expenditures of $7 million over that same subsequent two years. International Nickel Ventures Corp.
shares T.INV are trading up $0.05 at $0.39.
