Altitude Resources (TSXV:ALI) announced that Japan Oil, Gas and Metals National Corporation (JOGMEC) has agreed to proceed with its second farm-in milestone on Altitude’s Palisades coking coal project.
As quoted in the press release:
Upon completion of the second farm-in exploration program, JOGMEC will have earned a 31.875% interest in the project. JOGMEC can then earn up to a 51% interest in the Palisades Coal Project over the course of the next two exploration seasons (2016/17). The Palisades Project is located approximately 40 kilometres northwest of Hinton, Alberta. The Palisades property is in close proximity to CN rail’s mainline which services the Grande Cache mine to the northwest.
Altitude president and CEO, Gene Wusaty, said:
We are very pleased to continue our partnership with an internationally recognized resource investor like JOGMEC. Proceeding with the 2nd farm-in of the joint venture will continue to provide the Palisades project access to ongoing development funding in 2016.
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