BX November 17 PR
As a reminder, this is BX last month PR, and it may have something to do
with the present move.
Also, something that I did not put attention before; it said
that Kinross can earn a 50% interest in the property by
spending US$7 millions, This contrary to mi first thinking
will mean that Kinross can just get out of this agreement
by not spending the money and walking out. They not appear to be
binded to spend any more money if they want out.
Any comments?
Sincerely, Michel
EXPLORATION BREX INC.
PRESS RELEASE , NOVEMBER 17, 1998
Exploration Brex Inc. today announces that it has completed its acquisitions process of the
POD group of claims by signing an agreement that
purchases all its advance production royalties. Brex owns 50% of the POD group allocated
by Exploration Mirandor Inc.
Brex will issue, subject to regulatory approval, 3.5 million shares to a private Nevada
company, to complete the agreement and purchase the
royalties on the POD claims.
The property is in the Railroad district of the southeastern part of the Carlin Trend, 7
kilometers south of Newmont Gold's operating Rain
underground gold mine and 8 kilometers southwest of Newmont's soon-to-be-opened
Emigrant open-pit gold mine.
Geologically, the POD property has lower plate Devonian rocks exposed on surface. The
rocks are intensely altered and silicified with large
areas of exposed jasperoid. These are the rock types that host the major gold deposits in the
Carlin Trend. All showings, including the surface
POD deposit, are bounded by high-angle northwest-trending faults. The geological
resources as at July 1997 stood at 1.4 million tons @ 0.085
oz/ton gold. (D. Gaudreault, July 1997)
The POD claims are subject to the Kinross joint venture agreement
whereby Kinross can earn a 50% interest in the Railroad project by
expenditures of $ 7 million US in exploration and an additional 10% by
spending another $ 5 million dollars US on a positive feasibility study.
For more information, please contact;
Andrew J. McQuire, president
Tel: (416) 594-9381
Fax: (416) 594-3446
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