Vior enters into an agreement with major titanium producer Iluka for the Foothills property in Quebec

Société d’exploration minière Vior Inc. announced that it has entered into an option and joint venture agreement with Iluka Exploration (Canada) Ltd, a wholly-owned subsidiary of Iluka Resources Limited, the largest producer of high-grade titanium dioxide products of rutile and synthetic rutile. Iluka has been granted an option to earn an undivided interest in the 481 mining claims comprising the Foothills Rutile Property, 100%-owned by Vior, which covers 27,891 hectares situated near the village of St-Urbain, a historic iron-titanium mining camp about 100 kilometers east of Quebec City in the province of Quebec. Under the agreement, Iluka may earn an initial 51% (First Option) in the Foothills property by incurring exploration expenditures totalling $400,000 during the first year. Vior will be the operator during that period. After earning an initial 51% interest, Iluka may elect to increase its interest to 90% (Second Option) over another two-year period by incurring an additional $2,100,000 in exploration expenditures. Iluka will be the project operator during the second option period and has the right to appoint Vior to carry out joint venture exploration work. Upon completion of the second option, Vior and Iluka will bear all costs according to their participating interest in the Foothills project. Any joint venture party’s interest reduced to 5% or less will be either sold to the other party at a price agreed between the parties or converted to a 2% net smelter return royalty on precious and base metals and a 2% gross revenue royalty on mineral substances other than precious and base metals. Vior Inc. was represented by a Fasken Martineau team led by Frank Mariage (Mines). For more information and to consult the press release, click here.