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Triex Joint Venture
Magnum has entered into a Joint Venture Agreement with Triex Minerals Corporation under which Triex has the right to acquire up to a 70% interest in Magnum's Stony Road Property.
Triex can earn-in by incurring $3,000,000 in property expenditures by 2011. The Stony Road Property covers a total of 183,040 acres, or 45% of Magnum's land holdings, in the Athabasca Basin.
Triex will advance the Stony Road Property based on the newly identified exploration at their Pasfield Lake property, and refined exploration model for the Cable Bay Shear Zone and associated magnetic features. A $500,000 exploration program is being planned for this summer. Planned work includes a 3-D Full Tensor gravity gradient airborne survey to compliment the MEGATAM II airborne EM survey already completed by Magnum, a ground-based AMT survey (audio-magnetotellurics) which was effective at delineating the Pasfield Lake uplift feature and Cable Bay Shear Zone, and detailed geochemical surveys and prospecting.
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