Business
Canamex Update and Clarification Regarding Status of Joint Venture and Purchase of Core Patented Mining Claims at Bruner Gold Project, Nevada
VANCOUVER, BC / ACCESSWIRE / December 16, 2015 / Canamex Resources Corp. (TSXV: CSQ ) (OTCQ...
About this update from Canamex Gold Corp
[{"type":"text","content":"Canamex Update and Clarification Regarding Status of Joint Venture and Purchase of Core Patented Mining Claims at Bruner Gold Project, NevadaVANCOUVER, BC / ACCESSWIRE / December 16, 2015 / Canamex Resources Corp. (TSXV: CSQ) (OTCQX: CNMXF) (FSE: CX6.F) (\"Canamex\") and Patriot Gold Corp. (OTCQB: PGOL) (\"Patriot Gold\") are jointly issuing this news release to provide an update and clarification of the status of activities and recent developments at the Bruner gold project in Nye County, Nevada. Pursuant to a 2010 agreement between Canamex Resources U.S., Inc. (a subsidiary of Canamex) and Provex Resources Inc. (a Patriot Gold subsidiary), Canamex has informed Patriot that Canamex has incurred the expenditures required for it to earn an undivided 70% interest in the Bruner gold project. Patriot Gold is in the process of confirming those expenditures, and Canamex has offered to make sufficient information available for Patriot Gold to complete that task. At the same time, the parties are negotiating regarding a more comprehensive joint venture agreement that will supersede the 2010 agreement and govern the joint venture going forward.\nAcquisition of Core Patented Claims \nAmong the key assets at the Bruner gold project are 26 patented mining claims. In a November 2, 2015 news release, Canamex announced that it had completed the purchase of the patented claims for US$760,000, securing ownership of those claims for the joint venture and saving the joint venture US$425,000. Canamex purchased the claims directly from American International Ventures Inc. (\"AIVN\"), subject to Patriot Gold's rights under an Option Agreement dated April 1, 2009 that gives Patriot Gold the ability to purchase those patented claims by making a final payment of US$1,185,000 on or before April 1, 2016. Both Canamex and Patriot Gold expect, however, that those patented claims will be conveyed to the joint venture once the more comprehensive joint venture agreement is executed.\nGreg Hahn, President and COO and a Certified Professional Geologist (#7122) is the Qualified Person under NI43-101 responsible for preparing and reviewing the data contained in this press release. \nNeither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or a...