Geologix To Purchase 100% Interest In The Tepal Gold-Copper Project
VANCOUVER, BC - Geologix Explorations Inc. reported that it has entered into an agreement with Arian Silver Corp. ("Arian") whereby Geologix has been granted the exclusive rights to purchase Arian's 100% interest in the Tepal Gold-Copper Project in the state of Michoacan, Mexico. The Tepal project hosts a resource estimated at 1.15 million ounces gold and 413 million pounds copper. Under the terms of the agreement, Geologix can elect to complete the purchase of 100% of the property, subject to a 2.5% net smelter return royalty, by delivering to Arian US$3.0 million in staged payments before February 23, 2011 (at Geologix's election, up to 50% payable in Geologix shares), and assuming the balance of Arian's obligations under the terms of the underlying property option agreement.
Dunham Craig, President & CEO stated, "We are excited to have the opportunity to acquire the Tepal Project as it represents an advanced stage Mexican project, with extensive prior drilling, a significant current resource estimation, and multiple exploration targets for possible expansion. The Tepal Project meets the Company's preferred project criteria on multiple levels and fits well with management's exploration and development expertise.
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