Brex Closes Acquisition of Three Large Gold/Diamond Properties in Guyana.VAL D'OR Val d'Or (väl dôr), town (1991 pop. 23,842), SW Que., Canada, SE of Rouyn-Noranda. It is a mining center. Gold was discovered in the region in 1909; copper, zinc, lead, and molybdenum are also mined. , Quebec--(BUSINESS WIRE)--Feb. 27, 1997--(ME BX.) Exploration Brex Inc. today announced it has closed the previously announced acquisition of 100 percent of three non-alluvial gold properties, one of which is also a diamond prospect, in Guyana. The Eping-Perenong property is situated in the northwest, Adelair in the southwest and the Saturday River property in the southeast. The three properties total more than 65 square miles A square mil is a unit of area, equal to the area of a square with sides of length one mil. A mil is one thousandth of an international inch. This unit of area is usually used in specifying the area of the cross section of a wire or cable. . Michel David Michel David (born in 1951) is a Quebecois journalist. He is in the field since 1978 and is currently columnist for the Montreal newspaper Le Devoir. David was parliamentary correspondent at the National Assembly of Quebec for Quebec City's Le Soleil , President, said he is pleased to add these highly-prospective properties to the Company's portfolio of projects. Although Guyana is renowned for its large number of alluvial al·lu·vi·al adj. Of, relating to, or found in alluvium: alluvial soil; alluvial gold. alluvial Adjective of or relating to alluvium Noun gold and diamond projects, Brex's primary focus will be a hard rock exploration of the properties. Mr. David noted that Brex will retain an option to purchase the alluvial rights in the future. Eping-Perenong, the Company's gold and diamond target, is situated at the headwaters of the Mazaruni river The River Guyana's Mazaruni River takes source in the Roraima Plateau, three levels of sandstones and conglomerates, crowned by Mt. Roraima (2810 m.). In Guyana, the two highest levels of the Roraima Plateau are known as Pakaraima Mountains and Merume Mountains. , on the border of a project where a drill program by a major mining company is underway. The purchase price was met by the issuance of 450,000 shares and a cash payment of US$30,000. In addition, the Company has agreed to spend US$100,000 on exploration during the first two years. A 5 percent royalty is payable to the Government of Guyana. The previous owner of the properties retains the right to mine alluvials, while Brex holds the interest in the hard-rock potential. However, upon any commercial production, Brex has an option to purchase 100 percent of the alluvial rights for 50,000 shares and a 2 percent net smelter royalty on the alluvial production only. Exploration Brex Inc. is an exploration company with properties in Nevada, Guyana and Quebec. In Nevada, the Company is currently exploring on its 50 percent-owned Section 12 gold property located in the prolific Carlin car·line or car·lin n. Scots A woman, especially an old one. [Middle English kerling, from Old Norse, from karl, man.] Trend. At Brex's 100 percent-owned Aremu gold property in Guyana, which is in the same geological ge·ol·o·gy n. pl. ge·ol·o·gies 1. The scientific study of the origin, history, and structure of the earth. 2. The structure of a specific region of the earth's crust. 3. A book on geology. province as the Omai gold mine, the Company has a trenching and sampling program in progress. It also has other base metal and gold projects in Nevada and in Canada. Shares of Exploration Brex Inc. trade on The Montreal Exchange Montreal Exchange A Canadian derivatives exchange that facilitates the trading of stock options, interest rate futures and options, as well as index options and futures. Located in Montreal, Quebec, it is the country's main financial derivative market, while the Winnipeg under the symbol BX. U.S. S.E.C. exemption 12g3-2(b) 82-4269. Visit our internet site at http://lino.com/www/ariel CONTACT: Exploration Brex Inc. Michel David, 819/ 825-9065 ariel@lino.com or Hume, Kieran Inc. Marla Gale, 416/ 868-1079 or Hume, Kieran Inc. Cathy Hume, 416/ 868-1079 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion