To All Patient SXG Investors
Here's a new release
We need a damn good drilling result from SXG to rocket the share price. Todays news release is good for nothing.
Panizos Caldera JV signed
Samex Mining Corp SXGShares issued 186594811997-06-09 close $0.81Tuesday Jun 10 1997News ReleaseMr Jeffrey Dahl reports The company, through its Bolivian subsidiary Emibol SA, together with its joint venture partner, Multimin SA, (Emibol 99%/Multimin 1%) has entered into a joint venture agreement with LaSource Bolivia Ltda for the exploratim and exploitation of Samex's Panizos Caldera gold prospect in southwestern Bolivia. LaSource is an international gold mining company owned 40% by the French mining group BRGM and 60% by the Australian mining group, Normandy. Under the joint venture agreement, LaSource may withdraw from the joint venture without penalty any time prior to November 3 1997 and thereafter may withdraw only after spending a minimum of US$200,000 on the property. After commencement, LaSource may earn a 51% interest by completing a minimum US$1.5 million work program within 30 months, plus making monthly payments to Samex of US$3,000. Thereafter LaSource may, at Samex's option, earn an additional 19% (for a total 70% interest) by completing a bankable feasibility study within 10 years and by increasing its monthly payments to Samex to US$5,000, payable for a minimum of five years or until termination of the agreement if sooner. If LaSource earns a 70% interest, it will be required to contribute 74% of all additional costs or, at Samex's further option, may earn an additional 13% interest (for a total 93% interest) by financing all costs to place the property into production, Samex's interests under the agreement remain subject to the 1% carried joint venture interest now held by Multimin. If LaSource proves reserves of at least 1,000,000 ounces of gold, it will be required to make a one time payment to Samex of US$1,000,000 upon commencement of production. It will also be required to pay a quarterly bonus of US$1.00 per ounce for any sales in excess of 1,000,000 ounces of gold. The property is subject to an underlying nsr royalty of 0.6% which LaSource can repurchase prior to the commencement of production for US$900,000. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
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