Debut Diamonds Inc. (CNSX:DDI) announced that it has been granted an extension on completing exploration work at a group of 28 mining claims situated 125 kilometers north of Nakina, Ontario. Debut was supposed to have completed the work before August 19, 2012 as part of an option agreement to earn a 70 percent interest in the properties, but now has until February 19, 2013.
As quoted in the press release:
On August 19, 2011 Debut acquired an option to earn a 70% operating interest in a group of 28 unpatented mining claims, located 125 km north of Nakina, Ontario. Under certain terms of the Agreement, Debut was to incur a total of $750,000 in exploration expenditures on the property before August 19, 2012 and also pay the Vendor an additional $25,000 and issue 600,000 Debut shares in each of the following two years to exercise the option and acquire the 70% interest in the claims.
As of the first anniversary date of the agreement, Debut has made the cash payment of $25,000 and issued 600,000 shares from its treasury to the Vendor. However, due to early delays in concluding consultations with affected First Nations for approval of exploration work on the claims; the Company was unable to complete its work commitment in the amount of $750,000, within the first year. The Company therefore requested from the Optionor, a 180 day Extension of Time, in order to fulfill its work commitment on the property. First Nation permission for exploration on the claims is in place, and the requested Extension of Time has been granted to Debut by the Optionor. The Company now has until February 19, 2013 to complete the work.