QMX Gold (QMX-V) Closes Strategic Investment by Probe Metals (PRB-V)
Dec 23, '16 - NR
QMX Gold has closed the previously announced strategic investment by Probe Metals Inc. ("Probe Metals") and the sale of its interest in a non-core exploration property to Probe Metals for total gross proceeds of $1.8 million. Probe Metals purchased 15 million shares at $0.10 per share and now holds approximately 11% of QMX's issued and outstanding shares. The Company intends to use the proceeds to advance exploration activities on its property in Val d'Or, Quebec and for general corporate purposes.
QMX has significantly improved its financial position in 2016, placing it in a much stronger position to systematically explore its enviable land package in Val d'Or. A Phase I drilling program is underway targeting prospective gold targets in the southwestern portion of its property.
The financing remains subject to receipt of approval by the TSX Venture Exchange. All shares issued are subject to a statutory four month and one day hold period expiring on April 23, 2017.
Exploration Update
The Company has resumed exploration activities in Val d'Or, currently focused on the southwestern corner of the extensive QMX land package, bordering the Lamaque and Sigma Mine properties of Integra Gold (see Figure 1). QMX's exploration team has identified multiple prospective targets across this area of interest. Two diamond drills have now completed six drill holes on selected targets with a further eight holes permitted for drilling. Assays are pending.
In November, Abitibi Geophysics were contracted to complete an Induced Polarization ("IP") ground survey using their newly developed and proprietary OreVision IP system. The IP survey covers an area of approximately 5.0 sq.km. along the property boundary and potentially will test to depths of 500 to 600 meters. The survey has been completed and initial results have been presented. Reporting on the survey with fully processed and modelled results will be available later in December or early January. Additional targets will be generated when the fully processed IP data is available.
Figure 1 - Southwestern Target Area: http://media3.marketwire.com/docs/1081291_MAP.jpg
Further Settlement of Payables
QMX has completed additional share for debt settlements with various trade payables, as previously announced on October 27, 2016, and has issued 832,935 common shares of QMX at a deemed price of $0.10 per share. The common shares are subject to a statutory hold period of four months and one day that expires on April 21, 2017.
About QMX Gold Corporation
QMX Gold Corporation is a Canadian-based precious metals company focused on generating value for its shareholders by systematically exploring its extensive property position in the Val d'Or mining camp in the Abitibi District of Quebec. The Company's shares trade on the TSX-V under the symbol "QMX".
Cautionary Note Regarding Forward-Looking Information:
David Rigg is a qualified person under National Instrument 43-101 and Senior Vice President, Exploration of QMX. He has reviewed the scientific and technical information in this press release.
QMX Gold Corporation
Brad Humphrey
President and CEO
(416) 861-5887
QMX Gold Corporation
Louis Baribeau
Public Relations
(514) 667-2304
Toll free: +1 877-717-3027
info@qmxgold.ca
www.qmxgold.ca |
