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PJX Resources Acquires 100% Interest in Cranbrook Properties
PJX Resources Acquires 100% Interest in Cranbrook Properties Toronto, Ontario CANADA, Octobe...
About this update from Pjx Resources Inc.
[{"type":"text","content":"PJX Resources Acquires 100% Interest in Cranbrook PropertiesPJX Resources Acquires 100% Interest in Cranbrook Properties \nToronto, Ontario CANADA, October 17, 2013 /FSC/ - PJX Resources Inc. (PJX - TSX Venture), (the \"PJX\" or the \"Company\") is pleased to announce that the Company has completed the acquisition of a 100% interest in the Dewdney Trail, Zinger, Eddy and Vine Properties (the Properties) located in Cranbrook, British Columbia, that were initially under option to PJX.\nThe initial option agreement [the \"Option Agreement\"] with SG Spirit Gold Inc. (SG), dated September 14, 2010, allowed PJX to earn up to an 80% interest in the properties by spending $2.5 million in exploration work and paying $215,000 in cash payments over 4 years.   \nPJX has acquired full ownership of the Properties, with no NSR or other retained interest by SG, and PJX will not have to complete approximately $750,000 in remaining work commitments.  To complete the acquisition, PJX made the remaining aggregate cash payment of $125,000 that would have had to be made under the Option Agreement, and issued 500,000 PJX shares (the \"Shares\") to SG that were not in the Option Agreement.  SG has agreed to not sell the Shares for a period of 2 years from the closing date of the agreement and vote with PJX Management and Board during this period.  If, at any time after 2 years, SG wishes to assign, sell or transfer the Shares, SG must notify PJX and PJX will have the opportunity to arrange for the sale of the Shares on terms not less favourable to SG than the terms contained in the notice provided by SG. \nThe Dewdney Trail, Zinger and Eddy Properties are centred on creeks that have produced placer gold for over 100 years.   The company believes that the properties may host the bedrock source of the gold found in the creeks.  Each property has a series of gold showings in bedrock that occur along strike for multiple kilometres. For example, the Zinger Property has an identified 8 km long trend of anomalous gold in rock with grab samples returning up to 39 g/t gold.  \nThe Vine Property hosts a lead, zinc, silver and gold mineralized vein structure.  The mineralization was first discovered by Cominco in 1978, and has since been drilled along strike for approximately 1 kilom...