Hi Folks,
News out, we own 50% of the POD on the MIQ thread...Good Luck to all...
Brex Increases Hard Rock Holdings on Guyana Property - Sells Alluvial
Rights in Guyana - Commences '97 Exploration Pro
VAL D'OR, QUEBEC--Exploration Brex Inc. today announced that, in a
two-part transaction, the Company has raised $100,000 from the
sale of the alluvial mining rights on its wholly-owned Aremu
property, in Guyana, and has acquired the rights to 23 additional
medium scale prospecting permits in the South Aremu property for
consideration of 150,000 common shares.
On the Aremu property, Brex has signed an agreement with Michael
A. Vieira to sell the alluvial mining rights for a period of 12
years. Brex will be paid a total of $100,000 in two tranches.
The first, due on signing, is $10,000, with an additional $90,000
due upon receipt of a mining license. The agreement stipulates
that hard rock exploration will be uninterrupted by other
activities during the 12 year period.
In a separate agreement with Vieira, Brex has acquired the hard
rock rights to 23 Prospecting Permits held by Vieira on the South
Aremu Property for a consideration of 150,000 common shares of
Brex. Vieira is also entitled to a Net Smelter Royalty (NSR) of 2
percent in the event of commercial production and will retain the
exclusive alluvial rights to the property. Brex and Vieira will
share the annual property payments on a 50-50 basis. This
agreement is subject to regulatory approval.
In Nevada, the Company has commenced its 1997 exploration program
on its recently acquired, 50 percent-owned POD deposit. POD,
which is located in the southern end of the Carlin Trend in close
proximity to the Rain and Emigrant Spring mines, has a drill
indicated resource of 1.4 million tons grading 0.085 ounces per
ton (opt) gold. A drill program carried out earlier this year
returned encouraging results, including 170 feet of 0.087 opt gold
and 0.54 opt gold over 18 feet in two separate drill holes.
Exploration Brex Inc. is an exploration company with properties in
Nevada, Guyana and Quebec. Currently, the Company's emphasis is
on its 50 percent-owned, recently acquired POD deposit, located on
the Carlin Trend in Nevada. Brex anticipates commencement of a
diamond drill program on POD in the near future. Earlier in the
year, the Company completed geophysical and sampling programs on
its 100 percent-owned Aremu property in Guyana, which yielded
promising early-stage results.
Shares of Exploration Brex Inc. trade on The Montreal Exchange
under the symbol BX. U.S. S.E.C. exemption 12g3-2(b) 82-4269.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Exploration Brex Inc.
Andrew McQuire
President
(416) 365-0383
ariel@lino.com (FAX)
or
Hume, Kieran Inc.
Marla Gale
Investor Relations
(416) 868-1079
or
Hume, Kieran Inc.
Cathy Hume
Investor Relations
(416) 868-1079
...and we wait...
Brandon |
