| – expending US$1 M in exploration work on the properties before December 31, 2013Canamex Resources Corporation and GMV Minerals Incorporated through its subsidiary GMV Guyana Resources Incorporated, announced that they have entered into an option and joint venture agreement covering a large land package containing nominally 98,000 acres in a highly prospective gold region in Guyana, subject to receipt of regulatory approval.According to the company, Canamex has incorporated a wholly-owned Guyanese entity, Canamex Guyana Inc. (“Canamex Guyana”), to enter into this transaction and to do business in Guyana.Canamex Guyana has engaged Mr. Deryck Khan, a resident of Georgetown Guyana, as its Country Manager. Mr. Khan is an established businessman in Georgetown, has been an alluvial miner for many years. He knows the gold-bearing districts of Guyana, the people in the gold business in Guyana, and the administrative and regulatory process and requirements for doing business in Guyana.Canamex,NFL Jerseys China, through Canamex Guyana, has been granted an option to acquire up to a 100 percent interest in the Aranka North properties by making cash payments to GMV totaling US$520,627.62 over the next 36 months, expending US$1 million in exploration work on the properties before December 31, 2013, and issuing a total of 3,750,000 shares to GMV in stages as follows: (a) 1,500,000 shares upon approval of the transaction by the TSX Venture Exchange (Approval Date), (b) 1,250,000 within 18 months of the Approval Date, and (c) 1,000,000 shares within 36 months of the Approval Date.The land package is referred to as Aranka North, and lies to the northeast of the major gold discoveries by Guyana Goldfields at Aurora and Sulfur Rose, and their reported new discovery at Aranka, all of which lie along a northeast trend.GMV recently flew an airborne geophysical survey over the Aranka North land package as part of its exploration programme on most of their land holdings in Guyana, and Canamex has agreed to acquire this geophysical data from GMV as part of the transaction.Regional geophysics flown previously by the Guyana government reveals a pronounced aeromagnetic anomaly in the headwaters region of the alluvial mining that will be an initial focus of Canamex’s exploration on the Aranka North property.In addition, upon exercise of the option, Canamex has agreed to pay GMV US$500,000 cash and issue 500,000 shares in the capital stock of Canamex to GMV for every 500,000 ounces of gold contained in measured and indicated resources as referenced in a National Instrument 43-101 qualifying report, up to a maximum of US$2,000,000 and 2,000,000 shares of Canamex.A finder’s fee will be paid in connection with this transaction to Bear Trade Corporation in accordance with the policies of the TSX Venture Exchange.Canamex stated that it will continue to review and negotiate on a number of other land packages in the Guyana gold region that it believes are highly prospective for significant bedrock gold deposits. Canamex intends to be in a position to commence field programs on the Aranka North properties aggressively in the fall dry season beginning in August 2011, and on the other properties as they are secured. |
