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 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"


Libero Options the Esperanza Porphyry Copper-Gold Project - Drilling Includes 232 Metres of 1% Cueq from Surface

Libero Copper & Gold Corporation (TSX-V: LBC) (OTCQB: LBCMF) ... READ MORE

January 26, 2021

Goldshore Resources to Acquire Moss Lake Gold Project from Wesdome Gold Mines Ltd., Creating New Canadian Gold Development Company

Goldshore to Complete Concurrent $25 Million Equity Financing &am... READ MORE

January 26, 2021

Group Eleven Intersects Up To 8.7% Zinc and 3.3% Lead (12.0% combined) in Step-Out Drilling at Stonepark, Ireland

Group Eleven Resources Corp. (TSX-V: ZNG) (OTC: GRLVF) (FRA: 3GE)... READ MORE

January 26, 2021

SRG MINING INC. AND SPROTT PRIVATE RESOURCE LENDING II (COLLECTOR), LP ANNOUNCE USD$7.5M CONVERTIBLE SENIOR FINANCING IN SUPPORT OF SRG’s BID FOR NORTH AMERICAN LITHIUM INC.

SRG Mining Inc. (TSX-V: SRG) is pleased to announce that i... READ MORE

January 26, 2021

Pucara Gold Reports on its First Drill Campaign at Lourdes Gold Project in Peru

Highlights Drilling results confirmed presence of gold mineraliza... READ MORE

January 26, 2021

Copyright 2021 The Prospector News