Bravo Venture signs option agreement with Baker Hughes
Bravo Venture Group Inc (C:BVG)
Shares Issued 97,957,334
Last Close 4/15/2009 $0.30
Thursday April 16 2009 - News Release
BRAVO OPTIONS BARITE RIGHTS TO BAKER HUGHES
Bravo Venture Group Inc. has signed an option agreement with Baker Hughes Drilling Fluids, a division of Baker Hughes OilField Operations Inc., whereby Baker Hughes can acquire 100 per cent of any barite ore at the company's Shoshone Pediment gold project in the Battle Mountain-Eureka Gold trend in central Nevada. Bravo will retain all other mineral rights, including gold.
Baker Hughes will make annual payments to Bravo of $25,000 (U.S.) and will pay claim maintenance fees during the option period and during any subsequent barite mining. Baker Hughes can exercise the option by making a $150,000 (U.S.) payment to Bravo anytime within the six-year option period. Bravo will receive a quarterly royalty payment of $1 (U.S.) per ton of barite ore on any production greater than 150,000 tons of barite ore. In addition, Bravo will receive a split of any samples drilled by Baker Hughes. Should there be a discovery of both barite and other metals, each company would have the right to mine their respective minerals while stockpiling minerals belonging to the other party.
President Joe Kizis said: "This agreement benefits both parties. Baker Hughes plans to produce barite from adjacent properties and any addition from Bravo's property may positively affect their mining economics. Bravo will be able to continue exploring for gold by utilizing splits of samples drilled by Baker Hughes. Shoshone Pediment lies along the northwesterly projection of a linear cluster of small gold deposits hosted in upper-plate rocks along Slaven Canyon. Low-level surface gold anomolies are widespread on the Shoshone Pediment property, and two potential gold targets exist; one being a prominent limestone horizon located directly beneath the barite beds in upper-plate rocks, and one being the lower-plate carbonates, which are prolific hosts to Nevada's largest gold deposits."
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