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Jaxon Minerals Inc (2)
Symbol JAX
Shares Issued 15,042,195
Close 2015-08-14 C$ 0.02
Market Cap C$ 300,844
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Jaxon to earn 75% of Hot Bath project

2015-08-31 17:26 ET - News Release

Mr. Leif Smither reports

JAXON SIGNS LETTER OF INTENT

Jaxon Minerals Ltd. has signed a letter of intent with DeCoors Mining Corp.

The company is entering into an option agreement through a letter of intent on the Hot Bath mining project, located in British Columbia between the communities of Dease Lake and Iskut. The project comprises up to 11 mineral claims covering a total area of about 3,634.4 hectares and is 100 per cent owned by DeCoors Mining Corp. Jaxon may earn a 75-per-cent interest in the property upon completion of the option agreement.

The terms of the letter of intent lay out the planned business transaction in which Jaxon Minerals Inc., during a three-year period, shall issue 6.75 million common shares and incur $1.7-million of exploration expenditures to earn a 75-per-cent interest in the mineral claims.

The proposed option agreement schedule for completion includes:

  1. Issue three million common shares to DeCoors Mining Corp. upon exchange approval;
  2. Issue three million common shares to DeCoors Mining Corp. and incur $700,000 of exploration expenditures on the property before year-end 2016;
  3. Issue 750,000 common shares to DeCoors Mining Corp. and incur $1-million of exploration expenditures on the Hot Bath property on or before the end of 2017;
  4. DeCoors Mining Corp. retains a 2-per-cent net smelter return (NSR) on the Hot Bath property mineral claims. Jaxon Minerals Inc. will have the option at any time to acquire 1 per cent of the NSR for a cash payment of $1-million.

The Hot Bath copper-gold exploration project is located in Northern British Columbia, approximately 200 kilometres north of Stewart and 35 kilometres southeast of Dease Lake. The property comprises 11 contiguous mineral claims totalling about 3,634.4 hectares. Highway 37 (commonly referred to as the Stewart-Cassiar Highway) provides the closest maintained road 15 kilometres west of the property.

The Hot Bath property hosts mineral occurrences and is located in an emerging new active exploration district in the Stikine Arch, where Kaizen Discovery Inc., in an earn-in agreement with Freeport-McMoRan of Canada Ltd., is actively exploring the Tanzilla buried porphyry system 15 kilometres to the north, while Teck Resources holds mineral claims four kilometres to the east, as does the Hunter Dickinson Group to the north and west.

A portion of the high-priority altered and mineralized area of the Hot Bath property was recently sampled (700 soil samples) during a geochemical exploration MMI (mobile metal ions) soil survey, with results expected shortly. A geophysical IP (induced polarization) survey will commence shortly and is expected to have completed results by the end of October, 2015.

We seek Safe Harbor.

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