PJX Resources Acquires 100% Interest In Cranbrook Properties
Toronto, Ontario – October 17, 2013 – PJX Resources Inc. (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.
The 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.
PJX 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.
The 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.
The 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 kilometre and to a depth of approximately 600 metres. Compilation of historical drill hole data suggests that the mineralization continues along strike and to depth. The Vine Property also has geology with potential to host bedded massive sulphide mineralization (zinc, lead and silver) similar in style to Teck-Cominco’s former 150 million tonne Sullivan deposit located 35 km to the north.
“PJX now owns one of the largest land packages with mineral potential in the Cranbrook area”, states John Keating, President of PJX. “With a 100% ownership of more than 59,000 hectares of land, which is equivalent to over 590 square kilometres, PJX is well positioned to capitalize on the full upside potential of the many gold and base metal showings and targets on the Properties.”
About PJX Resources Inc.
PJX is a mineral exploration company focused on building shareholder value and community opportunity through the exploration and development of mineral resources with a focus on gold. PJX’s primary properties are located in the historical mining area of Cranbrook and Kimberley, British Columbia. Please refer to our web site http://www.pjxresources.com for additional information.
FOR FURTHER INFORMATION PLEASE CONTACT:
Linda Brennan, Chief Financial Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release contains forward-looking statements. Forward looking statements are statements which relate to future events. Forward-looking statements include, but are not limited to, statements with respect to exploration results, the success of exploration activities, mine development prospects, completion of economic assessments, and future gold production. In some cases, you can identify forward-looking statements by terminology such as “may”, “appears to”, “should”, “expects”, “plans”, “anticipates”, believes”, “estimates”, “predicts”, “potential”, or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking-statements.
Although PJX has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.