Business
Georox Resources Inc. update, year-end results and change in officers
NELSON, BC, March 23 /CNW/ - Georox Resources Inc. ("Georox" or the "Company") (GXR:TSX-V; OF6A:F...
About this update from Prospera Energy Inc.
[{"type":"text","content":"\n\n\n\nNELSON, BC, March 23 /CNW/ - Georox Resources Inc. ("Georox" or the\n"Company") (GXR:TSX-V; OF6A:FRA) is pleased to provide the following update\nand financial results for the year-ended December 31, 2008.\n\n\nOverall Performance\n\n\nThe Company's 2008 performance has been significantly affected by the\nGovernment of Ecuador's implementation of changes to the country's\nconstitution and mining law. The process included a mining moratorium\nestablished April 18, 2008. This has now expired upon the enactment of the\ncountry's new mining law January 29, 2009. However, the Company has continued\nthe suspension of its exploration activities in Ecuador at least until the new\nmining regulations are fully adopted and evaluated by the Company.\n\n\nThe Company recorded a loss of $1,161,465 for the twelve months ended\nDecember 31, 2008. Working capital at year end was $1,375,627.\n\n\nExploration Properties\n\n\nThe Company's mining exploration properties in Ecuador now include the\nfollowing:\n\n\nMarissa Property - This 100% owed property consists of 3,025 hectares\nlocated in the Azuay province, Ecuador, about 55 km south of the city of\nCuenca. The title is currently in full force and effect.\n\n\nVirgen del Cisne Property - The Company's current Virgen del Cisne\nProperty titles in full force and effect include the following four\nconcessions totalling 11,779 hectares: Jose Luis 6, Roble 1, Roble 2 and Roble\n3.\n\n\nPangui Property - In 2008, the Company retained four of its most\npromising concessions encompassing 16,380.70 hectares, namely; Ana, Moca, Pam\nand Pao. The Government of Ecuador has since cancelled all four concessions.\nThe cancellations have been appealed by the Company and the appeal results are\ncurrently pending.\n\n\nChimbuza Property - As reported in 2008, the Company decided to return\nthe property to the previous owner as soon as practically possible after the\nMining Mandate expired and the Government's new mining law and relevant\nregulatory procedures were enacted and fully implemented. The legal\nadministrative process of returning the property to its previous owner is\nexpected to be completed shortly.\n\n\nFor prior exploration activities and results in Ecuador, see the\nCompany's MD&A as of December 31, 2007 and other such documents on SEDAR at\nwww.sedar.com and on t...