Business
Metalex Acquisition of Brazil Property
Metalex Acquisition of Brazil Property.
About this update from Metalex Ventures Ltd.
[{"type":"text","content":"\n\n\n\nKELOWNA, BC, Oct. 22 /CNW/ - METALEX VENTURES LTD. ("MTX"-TSX.V) (the\n"Company") Further to its news release of May 25, 2007, the Company is pleased\nto announce that it has entered into a definitive agreement (the "Agreement")\nwith Kel-Ex Development Ltd. ("Kel-Ex"), a company controlled by Dr. Charles\nFipke, the Chairman of the Company, wherein the Company is to acquire certain\nmineral claims (the "Claims") located in the state of Mato Grasso, Brazil in\nconsideration for the issuance of 10,000,000 common shares of the Company. The\nClaims are subject to net profit interests totalling 20%, including 10% to\nKel-Ex, payable in kind.\n\n\nThe Claims are the subject of a technical report prepared by A. Lee\nBarker P. Eng, P. Geol dated October 18, 2007 in accordance with NI-43-101,\nwhich report is available for viewing on SEDAR at www.sedar.com.\n\n\nThe Company has also entered into a letter of intent (the "LOI") with\nAmerican Diamond Corp. ("American Diamond"), a closely held BVI company at\narms length to the Company and its principals, whereby the Company has,\nsubject to the execution of a definitive agreement, determined to grant\nAmerican Diamond an option to acquire a 49% interest in the Claims. As\ncontemplated by the LOI American Diamond can earn a 15% interest in the Claims\nby putting up $2,000,000 within 45 days, which monies are to be expended by\nKel-Ex as operator within 24 months of funding. American Diamond also has the\nright to increase its interest in the Claims to a total of 49% by funding an\nadditional $3,000,000 in expenditures on the Claims during the following\n2 years.\n\n\nKel-Ex and Dr. Charles Fipke have been active in the Mato Grasso area of\nBrazil since 2002, incurring extensive exploration expenditures totalling\napproximately $2,000,000 over 5 years. These properties are part of an area\nwhich has seen exploration activity conducted by a number of major companies. \nWith this acquisition, the Company will have acquired substantially all of Dr.\nFipke's diamond exploration properties. The Company is pleased to add another\nhighly prospective property to its existing portfolio.\n\n\nThe Agreement and the LOI remain subject to acceptance of the TSX Venture\nExchange (the "Exchange"). Due to the non-arms l...