The Prospector News

Geologix Sells Non-Core Assets to Argonaut Gold Inc.

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Geologix Sells Non-Core Assets to Argonaut Gold Inc.

 

 

 

 

 

Geologix Explorations Inc. (TSX:GIX) (FRANKFURT:GF6) (BERLIN:GF6) (STUT:GF6) (MUN:GF6) is pleased to announce the sale of the Company’s Nuestra Senora del Carmen II Property to Argonaut Gold Inc. (TSX:AG) Geologix has also executed an assignment to sell Argonaut its Consejo 1 Property. Both properties are located in Mexico. In exchange for these two properties, Argonaut will provide Geologix with total compensation of $600,000 USD.
Argonaut has paid $300,000 USD for both the title transfer of the Nuestra Senora del Carmen II property and for signing a binding assignment to transfer title of the Consejo 1 Property. Argonaut will pay an additional $300,000 to Geologix immediately following the registration of the Consejo 1 Property’s title in Geologix’s name by the Mexican Public Registry of Mining, as well as the subsequent transfer to Argonaut. The registration process has been completed and is expected to be formalised by the Public Registry in the near future. In the interim, Argonaut may access the Consejo 1 Property for exploration and development purposes.
“We are pleased to divest of these non-core assets, which have been in Geologix’s inventory for more than five years,” stated Dunham Craig, the Company’s President and Chief Executive Officer. “We continue to focus on advancing our recently permitted and promising Tepal Project towards production. The sale of these assets will allow us to remain patient as we search for a financing arrangement that supports that larger objective.”

About Geologix

 

Geologix Explorations Inc. is a mineral exploration and development company focused on acquiring, exploring, and developing mineral resource opportunities with the potential to host profitable mining operations. The Company’s primary focus is the Tepal Gold-Copper Porphyry Project in Michoacan state, Mexico. In March 2013, the Company announced a Prefeasibility Study for the Project that indicated an 11.5 year mine life with payable production of 1.12 M oz. gold and 503 M lbs., resulting in a post-tax NPV of $421 million at a 5% discount rate. The positive results of this study have led the Company to continue to work towards both completing a Feasibility Study for the Project and arranging the necessary financing to advance the Project to production.

Posted May 27, 2014

Share this news article

MORE or "UNCATEGORIZED"


Northern Vertex Reports Record Quarterly Production, Revenue and Adjusted EBITDA

Northern Vertex Mining Corp. (TSX: NEE) is pleased to announce re... READ MORE

November 27, 2020

Yorbeau Closes Non-Brokered Private Placement

Yorbeau Resources Inc. (TSX: YRB) is pleased to announce that it ... READ MORE

November 27, 2020

Talisker Intersects 995 g/t Gold Over 0.5 Metres within 227.55 g/t Gold Over 2.25 Metres at the Bralorne Gold Project

Talisker Resources Ltd. (TSX: TSK) (OTCQX: TSKFF) is pleased to a... READ MORE

November 26, 2020

Copper Mountain Closes C$17.25 Million Bought Deal Offering of Common Shares

Copper Mountain Mining Corporation (TSX: CMMC) (ASX: C6C) i... READ MORE

November 26, 2020

Surge Copper Drills 0.72% Copper Equivalent Over 176.1 Metres At Ootsa Including 0.89% Copper Equivalent Over 126 Metres

Surge Copper Corp. (TSX-V: SURG), is pleased to announce assay re... READ MORE

November 26, 2020

Copyright 2020 The Prospector News - Site design by Spyderbaby Productions