MONTREAL, Oct. 10 /CNW Telbec/ - C Level Bio International Holding Inc.
("C Level") (TSX V: CLV.P), a Capital Pool Company in accordance with the
policies of the TSX Venture Exchange Inc. (the "TSX V"), is pleased to
announce a conditional agreement to acquire all of the issued and outstanding
common shares of Nevada Exploration Inc. ("NXI"). This will constitute the
qualifying transaction of C Level. The qualifying transaction is subject to
various conditions such as its approval by the board of directors of C Level
and of NXI, the completion of a concurrent private placement of a minimum of
$1,000,000 as well as obtaining the approval of the TSX V. Furthermore, the
TSX V has not considered the merits of the contemplated qualifying
transaction. A more detailed press release will be subsequently published in
order to provide additional details on the contemplated qualifying
transaction.
The value of the transaction is evaluated at $10,500,000 which will be
entirely paid by issuing up to 70,000,000 common shares of C Level at a
presumed price of $0.15 per share.
About NXI
NXI is a Toronto-based junior exploration company focused on gold
exploration in Nevada. NXI has 100% ownership interest in two exploration
properties in Nevada's major gold trends and is lead by a highly experienced
management team.
The Fletcher Junction Property is located within the volcanic-hosted
Aurora mining district along the Walker Lane Gold Trend. NXI controls the
entire target with a land position consisting of a contiguous block of 342
unpatented lode claims (11.0 square miles), subject to a 1.25% net smelter
return. NXI's geochemical sampling programs have shown highly anomalous gold
in water, vegetation, and soils along a 4 mile long target zone; 150 quartz
vein boulder rock samples were collected from along the target zone and report
highly anomalous gold up to 2.9 oz/t (90.5 g/mt). Permitting with the United
States Forest Service for 20 drill sites has been approved and is now in the
final, bonding stage.
The Hot Pot Property is located along the Battle Mountain - Eureka Gold
Trend and lies approximately five miles north - east of Newmont's five million
ounce Lone Tree Mine. NXI has leased the exploration and mining rights on 3.4
square miles of private ranch land, which is subject to an aggregate 4.25 net
smelter return. NXI's first phase drilling encountered shallow, hydrothermally
altered bedrock with geochemically anomalous gold of up to 369 ppb (0.369
g/mt.). Second phase drilling will be directed by the results of recent
groundwater, soil, and soil-gas chemistry surveys.
NXI's exploration team is lead by Wade Hodges, Chief Exploration
Geologist. Mr. Hodges has over 30 years of exploration experience, including
13 years as an Exploration Geologist and Sr. Exploration Manager of Santa Fe
Pacific Gold Corporation, and he has been intimately involved in the initial
discovery and pre-mine development of nine gold mines in the western US,
totalling more than 30,000,000 ounces of gold. Ken Tullar, NXI's Chief
Operating Officer, has over 25 years of exploration including 20 years in
Nevada. Mr. Tullar has worked for Nerco Minerals, Echo Bay Explorations, and
LAC minerals, and was involved in the discovery and development of five gold
mines with resources totalling more than 7,000,000 ounces of gold.
In conjunction with acquiring the two properties, NXI and its predecessor
company have spent about $2,000,000 to develop proprietary groundwater
chemistry exploration technology and has completed the first ever survey of
Nevada's groundwater chemistry. Management believes that the results of NXI's
groundwater chemistry program are significant in that they have demonstrated
that Nevada's gold deposits exhibit recognizable groundwater chemistry. NXI
used this technology to identify the Hot Pot and Fletcher Junction targets and
is moving forward to acquire additional targets that it has identified.
The TSX Venture Exchange Inc. does not accept responsibility for the
adequacy or accuracy of this press release.
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