Business
CANTEX ANNOUNCES AL HARIQAH GOLD PROJECT LETTER OF INTENT
CANTEX ANNOUNCES AL HARIQAH GOLD PROJECT LETTER OF INTENT
About this update from Cantex Mine Development Corp.
[{"type":"text","content":"\n\n\n\n Sep. 20, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\nKELOWNA, BC, Sept. 20 /CNW/ - Cantex Mine Development Corp. (CD : TSXV) ("Cantex" or the "Company") is pleased to announce that a Letter of Intent has been signed for the Al Hariqah gold project in Yemen and that drilling is progressing on the Leonard Creek gold project in Nevada.\n\n\n >\n\n\nCantex is pleased to announce that Cheetah-Yemen Holdings Ltd. ("Cheetah"), a wholly owned subsidiary of Cheetah Ventures Ltd. has entered into a letter of intent whereby Cheetah will be granted an option to acquire up to a 70% interest in the mineral claim known as the "Al Hariqah" Project in Yemen. Cheetah's interest will be earned in stages, but to earn the full 70% interest, Cheetah is required to fund exploration expenditures totaling C$5,000,000 plus 70% of the costs required to put the project into commercial production. Cheetah is obligated to fund a minimum of C$2,000,000 as a firm commitment, and will earn a 40% interest upon expending a total of C$4,000,000 and completing a prefeasibility study by March 2012. It can then earn an additional 10% interest by expending an additional C$1,000,000 toward exploration work and completing a feasibility study by September 2013; and can earn a final additional 20% interest by funding 100% of the costs of placing the project into commercial production. In the event that a mine is developed, Cantex will reimburse Cheetah for 30% of the cos...