Canamex Completes Purchase of Core Patented Mining Claims at Bruner Gold Project, Nevada
Vancouver, British Columbia--(Newsfile Corp. - November 2, 2015) - Canamex Resources Corp. (TSXV: CSQ) (OTCQX: CNMXF) (FSE: CX6) (the "Company") is pleased to announce it has completed the purchase of the 26 patented lode mining claims and associated water rights at the Bruner gold project, Nye County, Nevada from the underlying owner, American International Ventures, Inc.
Purchase Agreement
Canamex has completed the purchase of the 26 lode patented mining claims, representing approximately 500 acres, and an associated water right for 6.690202 acre feet per annum that comprise the core of the Bruner gold project, Nye County, Nevada for a total price of US$760,000. Canamex expects this amount, plus attendant costs and legal fees associated with the transaction, to represent a portion of the Company's 70% contribution towards a US$1.4 million work program for the fourth quarter of 2015 at the Bruner Joint Venture with Provex Resources, a subsidiary of Patriot Gold Corp. ("Provex"), which owns the remaining 30% interest in the joint venture. The balance of the Company's contribution of approximately US$240,000 will be spent on drilling, metallurgical testing, and the commencement of a Preliminary Economic Assessment for the project currently underway and as outlined in a press release dated October 26, 2015. Provex has the option of contributing its 30% of the US$1.4 million work program, or accepting dilution of its 30% in accordance with a standard dilution formula in the agreement between Canamex and Provex.
Greg Hahn, President & COO of the Company says, "The Company is very pleased to be able to conclude the purchase of the core patented claims at Bruner in advance of the original payment deadline of April 1, 2016. The core patented claims, which contain the Historic Resource Area and Paymaster resources outlined in the Company's Technical Report, also contain a majority of the exploration potential represented by the approximately 1.5 kilometer distance between these two resources. In addition, the patented mining claims contain an initial development site containing a proposed leach pad, and sites for processing plant, administration facilities, and mine waste rock storage area that will be considered in the upcoming Preliminary Economic Assessment. Securing ownership of this core portion of the Bruner gold project for the Bruner Joint Venture provides the foundation on which to proceed with an initial development plan that will be the focus of the Preliminary Economic Assessment."
The final payment, originally due on April 1, 2016 was to be for US$1,185,000. By making this payment now, the Company and the Joint Venture are saving US$425,000.
Greg Hahn, President and COO and a Certified Professional Geologist (#7122) is the Qualified Person under NI43-101 responsible for preparing and reviewing the data contained in this press release.
ON BEHALF OF THE BOARD
Mark Billings, Chairman and CEO
For more information please contact Mark Billings at 514 296 1641 or visit www.canamex.us.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements:
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. Forward-looking statements in this news release include statements in relation to the timing, cost and other aspects of the planned 2015 drilling program on the Bruner property; the potential for establishing a NI 43-101 mineral resource estimate; the potential mineralization and geological merits of the Bruner property; and other future plans, objectives or expectations of the Company. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include the risk that actual results of current and planned exploration activities, including the results of the Company's 2015 drilling program(s) on the Bruner property, will not be consistent with the Company's expectations; the geology, grade and continuity of any mineral deposits and the risk of unexpected variations in mineral resources, grade and/or recovery rates; fluctuating metals prices; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; uncertainties involved in the interpretation of drilling results and geological tests; availability of capital and financing required to continue the Company's future exploration programs and preparation of geological reports and studies; delays in the preparation of geological reports and studies; the metallurgical characteristics of mineralization contained within the Bruner property are yet to be fully determined; general economic, market or business conditions; competition and loss of key employees; regulatory changes and restrictions including in relation to required permits for exploration activities (including drilling permits) and environmental liability; timeliness of government or regulatory approvals; and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions, including that the Company's 2015 exploration programs will proceed as planned and within budget. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.
