First Mexican and Buenaventura Agreement Update

About this update from Qcx Gold Corp

[{"type":"text","content":"\n\n\nTSX-V Trading Symbol: FMG\n\n\nVANCOUVER, June 28, 2013 /CNW/ - First Mexican Gold Corp. (the `Company`\n or `FMG`) (TSX-V: FMG, Frankfurt: 21M) reports that Buenaventura\n Compañía de Minas Buenaventura S.A.A. (\"BVN\") (NYSE: BVN, BVL: BVN) has\n notified the company that it will not be proceeding with prior\n disclosed Option Agreement on the Guadalupe Project.\n\n\nAll documentation had been finalized by both parties to conclude the\n definitive agreement so this decision came as a shock to FMG management\n as there had been no indication that this would be the outcome after\n months of preparatory work and extension requests by BVN which FMG\n granted.\n\n\nOver the course of the last six months FMG had satisfied all of the due\n diligence questions of BVN which were extremely thorough and\n exhaustive. The agreement was thought to have reached a format which\n could be signed by both parties when the company was notified by BVN\n that they would not be concluding but they stated \"we look forward to\n exploring other business opportunities with you in the near future\". \n It must be noted that many precious metal companies around the world\n are presently facing stress on their operations and cutting exploration\n budgets, some more than others, and we believe BVN is no exception to\n this situation.\n\n\nFMG is now exploring numerous options including but not limited to,\n re-opening prior discussions with other interested companies,\n discussions with new interested parties, financing and keeping 100% of\n the project, merger options, etc.  It should be noted that FMG had two\n offers on the table at the time it selected BVN with other interested\n parties still in the picture.  Of course the company would prefer to\n proceed on its own if present market conditions allow.\n\n\nJim Voisin stated, \"BVN made clear it was not the merit of the property\n that stopped this deal from proceeding\" and further commented \"the\n property has not changed and FMG will explore all options including to\n look for opportunities with other solidly funded corporations seeking\n an exceptional exploration property\".\n\n\nThe company is presently also preparing a drilling plan based on the\n most recent data analysis including discussions with BVN.  The focus\n would be on the Diana and Karen zones wh...

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