GFM Acquires La Casita Property, and Options It to Geologix
21 Janeiro 2008 - 11:00AM
Marketwired Canada
GFM Resources Limited (NEX:GFM.H) ("the Company") is pleased to announce that it
will acquire from Grupo Ferrominero, S.A. de C.V. ("Grupo"), its affiliate by
virtue of its controlling interest in the Company's corporate parent company,
Compania Minera Autlan, S.A.B. de C.V. ("Autlan"), the "La Casita" mineral
property, formerly known as El Rodeo property ("the Acquisition") in the State
of Durango, Mexico. It has also entered into a Heads of Agreement ("the
Agreement") with Geologix Explorations Inc. (TSX VENTURE:GIX)("Geologix") to
explore and develop the property.
Property description:
The La Casita mineral property is located near the town of Rodeo, 163 kilometres
north of the major capital city of Durango, Mexico. The property lies at the
eastern margin of Sierra Madre Occidental, very close to the high plateau and
shares the same basic geology as many of the precious metals prospects in this
belt. It is considered a prospective early-stage exploration property. Work done
on the La Casita property by Autlan in 1997, resulted in a new discovery of
epithermal gold mineralization.
During 1998, rights to La Casita were transferred from Autlan to Grupo, and an
I.P. survey, some soil geochemistry lines and a reverse circulation drill
program consisting of 14 drill holes totalling 1740 meters was carried out,
testing several mineralized structures in silicified and pyritized breccias,
where the gold mineralization is hosted. The conclusions of this program
indicated that further exploration at a greater depth and towards Cerro Colorado
hill would be merited. More recent exploration performed in adjacent mineral
claims by unrelated exploration companies has provided the Company with
encouraging information to proceed with further exploration at La Casita.
The Acquisition
Mineral rights to La Casita are presently owned by Grupo. In consideration for
the acquisition of 100% of those rights, the Company will issue Grupo 150,000
common shares upon completion of registration of the mineral rights in the name
of the Company's Mexican subsidiary. In addition, the Company will pay Grupo 10%
of the cash amounts received from Geologix, following the same payment calendar
as stipulated in the Agreement, hereunder.
The Agreement
In order to acquire a 60% interest in La Casita, Geologix will:
1. Pay the Company US $650,000 in cash over a period of up to four years as follows:
a. On signature of a definitive agreement US $ 50,000
b. On or before the first anniversary thereof US $100,000
c. On or before the second anniversary thereof US $125,000
d. On or before the third anniversary thereof US $150,000
e. On or before the fourth anniversary thereof US $225,000
-----------
Total US $650,000
2. Fund 100% of an exploration program totalling US $1,875,000, as follows:
a. On or before the first anniversary US $ 125,000
b. On or before the second anniversary US $ 250,000
c. On or before the third anniversary US $ 500,000
d. On or before the fourth anniversary US $1,000,000
-------------
Total US $1,875,000
Geologix will maintain the mineral concessions in good standing over the term of
the option, and will have the right to accelerate the schedule of payments and
work expenditures to earn its 60% interest.
Once Geologix has earned its 60% interest in La Casita, a joint venture between
Geologix and the Company will be formed. The initial operator will be Geologix.
The Operator will have three years to carry out further exploration, with a
minimum annual expenditure budget of US $625,000. Both parties may elect to
contribute to the proposed budget or have their interest diluted.
A feasibility study may be proposed by the Operator, or by the other party if
the Operator fails to do so, within three months of the end of the three-year
joint venture period. If one of the parties elects not to participate in the
funding of the feasibility study, the other party will earn an additional 11%
interest in the joint venture by the completion of a positive feasibility study.
If the feasibility study recommends taking the property into production and one
of the parties does not elect to participate, the other party will earn a
further 9% interest.
Roman Friedrich, President and CEO of GFM-R, stated that "We are happy to have
acquired this property and to have optioned it to Geologix. We are hopeful that
this transaction will be the beginning of the creation of a company that will
develop an exciting Mexican exploration portfolio. Our capacity to generate
prospective properties in Mexico, like La Casita, combined with the advanced
exploration skills of Geologix in the region could provide a platform from which
to grow the Company."
About GFM Resources Limited
GFM Resources Limited is a Canadian public company engaged in the business of
mineral exploration in Mexico; its shares are listed on the NEX Board of the TSX
Venture Exchange under the symbol GFM.H. The Company's majority shareholder is
Compania Minera Autlan S.A.B. de C.V. ("Autlan"), a company listed on the Mexico
City stock exchange and active in manganese and ferroalloy operations in Mexico,
in turn controlled by Grupo Ferrominero, S.A. de C.V. ("Grupo"), a private
Mexican holding company that also controls other companies in domains such as
electronics and investment banking. For more information please visit
www.gfm-resources.com.
About Geologix
Geologix Explorations Inc. is a mineral exploration company focused on
acquiring, exploring and developing mineral properties in North and South
America. The Company has a wealth of experience in the mining industry taking
early stage exploration prospects to final feasibility and ultimately to
production. Its shares are listed on the TSX Venture Exchange under the symbol
GIX. For more information please visit www.geologix.ca.
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