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Canamex Shares Issued Pursuant to Aranka North Property Option Agreement
By: Marketwired .
Feb. 4, 2013 01:41 PM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/04/13 -- Canamex Resources Corp. ("Canamex" or the "Company") (TSX VENTURE:CSQ)(OTCQX:CNMXF)(FRANKFURT:CX6) announces that on February 1, 2013 a total of 1,250,000 common shares were issued to GMV Minerals Inc. ("GMV") in accordance with an Option and Joint Venture Agreement (the "Agreement") that was accepted for filing by the TSX Venture Exchange on August 2, 2011 (refer to News Release dated July 6, 2011). These shares, representing the second of three staged issuances of shares that are required to be made pursuant to the Agreement, are subject to a hold period expiring on June 2, 2013.
Canamex, through its wholly-owned subsidiary Canamex Guyana Inc., was granted an option to acquire up to a 100% interest in the Aranka North property by making cash payments to GMV totaling US$520,628 (the final payment of US$183,348 is due on August 2, 2013), expending US$1,000,000 in exploration work on the property before December 31, 2013 (the Company has expended over US$1 million, so the expenditure obligation has been met), and issuing a total of 3,750,000 shares to GMV (the final 1,000,000 share issuance is due on August 2, 2014).
The Aranka North land package contains nominally 98,000 acres in a highly prospective gold region in Guyana, South America. Aranka North lies to the northeast of the major gold discoveries by Guyana Goldfields Inc. at Aurora and Aranka/Sulphur Rose. The Company has identified two prominent gold-in-soil anomalies on the Ridge Anomaly which is located within the Aranka North property, and is conducting a 120-hole power auger drilling program on 100-meter spacing which is expected to be completed by the end of February, with all results anticipated to be in by the end of March.
ON BEHALF OF THE BOARD
Robert Kramer, Chairman and CEO
This news release contains forward-looking statements regarding future events and Canamex's future results. These statements are based on current expectations, estimates, forecasts, and projections about the industry in which Canamex operates and the beliefs and assumptions of Canamex's management. Words such as "expects", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", "continues", "may", variations of such words, and similar expressions, are intended to identify such forward-looking statements. In addition, any statements that refer to projections of Canamex's future financial performance, Canamex's anticipated growth and potentials in its business and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict, including those identified elsewhere herein and Canamex's filings on www.sedar.com. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Canamex undertakes no obligation to revise or update any forward-looking statements for any reason.
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.
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