VANCOUVER, Sept. 29 /CNW/ - GMV Minerals Inc. (TSX.V: "GMV") ("the Company" or "GMV") has agreed to an option assignment for up to 75% of the RHG copper-gold exploration project from Georgia Ventures Corp., ("Georgia") a private resource exploration company. Georgia had the option with Metalquest Minerals Inc. but is not committed to pursuing other exploration projects.
The 11,000 Hectare RHG project is located in the Stikine region, Liard Mining Division, northwestern British Columbia. It is located approximately 35km west of Telegraph Creek in the Liard mining division. The mine access road to the former producing Muddy Lake gold property comes within 7km of the property's northern boundary.
Previous exploration on the property discovered both high grade copper and gold skarn as well as porphyry copper-gold type mineralization in 2 separate locations.
In 2005, 3D I.P. ground geophysical surveys resulted in high order chargeability anomalies over an area of 2500 metres by 750 meters covering a portion of one target. A coincident soil geochemical survey also showed elevated copper values throughout the grid area.
GMV will test by drilling the priority copper-gold skarn showing as well as I.P. chargeability anomalies in late September. Additional drilling will be considered as results and weather permit as up to 17 drill locations have been approved by the British Columbia Ministry of Energy and Mines. Further information regarding drill target locations and anomalous zones will be provided within a few days.
Under the terms of the agreement, GMV Minerals Inc. has an option to earn up to 65% of the RHG property subject to the following terms and conditions:
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Date Shares Cash Payments Expenditures
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On signing Nil $25,000 (paid as Nil
the Deposit)
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Within six months 250,000 Nil $300,000
of the date of
signing this
Agreement
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Within 15 days Nil $25,000 Nil
of the Approval (additional)
Date
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On or before the 250,000 $75,000 $700,000
first anniversary (additional) (additional) (additional)
of the Approval
Date
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On or before the 250,000 $100,000 $1,000,000
second anniversary (additional) (additional) (additional)
of the Approval
Date
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On or before the 250,000 $150,000 $1,500,000
third anniversary (additional) (additional) (additional)
of the Approval
Date
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Totals: 1,000,000 $375,000 $3,500,000
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GMV Minerals Inc. also has a right to acquire an additional 10% interest
in the RHG project (to 75%) by financing and paying for all expenditures in
relation to the preparation and delivery of an RHG Feasibility Report.
The above is subject to TSX Venture Exchange approval.
About GMV Minerals Inc.
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GMV Minerals Inc. is a junior exploration company focused primarily on
gold exploration in central British Columbia. The Company is currently active
on its 100% owned Nechako and Alexis Creek claims where it has identified
several geophysical anomalies located at depth which show the characteristics
of an epithermal style mineralized body.
ON BEHALF OF THE BOARD OF DIRECTORS
-----------------------------------
Alistair MacLennan, President
This news release may contain forward-looking statements based on assumptions and judgments of management of the Company regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward looking statements. The Company disclaims any intention or obligation to revise or update such statements except as may be required by law.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release