15:06:18 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Canamex Resources Corp (2)
Symbol CSQ
Shares Issued 39,308,371
Close 2017-04-25 C$ 0.125
Market Cap C$ 4,913,546
Recent Sedar Documents

Canamex closes acquisition of remaining Bruner interest

2017-04-26 10:04 ET - News Release

Mr. Mark Billings reports

CANAMEX RESOURCES AND PATRIOT GOLD COMPLETE CONSOLIDATION OF OWNERSHIP OF BRUNER GOLD PROJECT, NYE COUNTY NEVADA

Canamex Resources Corp. and Patriot Gold Corp. have closed the transaction whereby Canamex Resources has purchased Patriot Gold's 30-per-cent working interest in the Bruner gold/silver mine for $1-million (U.S.) cash.

Patriot retains a 2-per-cent net smelter return (NSR) royalty on the Bruner properties, including any claims acquired within a two-mile area of interest around the existing claims. Additionally, Canamex has the option to buy down half of the NSR royalty retained by Patriot for $5-million (U.S.) any time during a five-year period following closing of the purchase and sale agreement.

Canamex's chief executive officer, Mark Billings, commented, "This acquisition consolidates our 100-per-cent ownership stake in the greater Bruner property, and offers our shareholders greater leverage to the exploration upside on the property and an increase in the price of gold."

Patriot Gold's chairman, Bob Coale, said: "Consolidation of Patriot's interest in the Bruner project exemplifies our corporate mission of finding partners to develop our projects while maintaining an interest in the properties through net smelter returns. We are looking forward to the continued success of the Bruner gold project."

Greg Hahn, president and chief operating officer of Canamex, a certified professional geologist (No. 7122), is the qualified person under National Instrument 43-101 responsible for preparing and reviewing for Canamex the data contained in this press release.

We seek Safe Harbor.

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