Pjx Resources Signs Agreement To Acquire 100% Interest In Cranbrook Properties
Toronto, Ontario – July 15, 2013 – PJX Resources Inc. (the “PJX” or the “Company”) is pleased to announce that the Company has entered into a Purchase and Sale Agreement (the “Agreement”) with SG Spirit Gold Inc. (SG) to acquire a 100% interest in properties (the “Properties”) located in Cranbrook, British Columbia, that were initially under option to PJX.
The initial option agreement [the “Option Agreement”] with 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. Under the Agreement, PJX will have full ownership with no NSR or other retained interest by SG, and PJX will not have to complete approximately $750,000 in remaining work commitments. The Agreement requires PJX to make the remaining cash payments of $125,000 that would have had to be made under the Option Agreement, and issue 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 Agreement is subject to the approval of the TSX Venture Exchange and is also conditional on the closing of a reverse takeover (RTO) between SG and Pangea Energy Corp., a private oil and gas company. The intended RTO was announced on April 8, 2013 and completion of the transaction is expected to occur in the coming months.
Property highlights include:
- The Dewdney Trail Property, with over 14 km of favourable stratigraphy hosting gold showings with rock grab samples ranging up to 15 g/t gold.
- The Zinger Property with an 8 km long trend of gold in rock with grab samples returning up to 39 g/t gold.
- The Vine Property with gold, silver, zinc, lead, and copper in a mineralized vein structure tested by over 50 historical drill holes. The mineralization appears to be open along strike and at depth.
- The Vine Property also has geology favourable to host potential 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.“This is a great opportunity and important milestone for PJX”, states John Keating, President of PJX. “With a 100% ownership of the Properties, PJX will be able to realize 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. site http://www.pjxresources.com for additional information.
FOR FURTHER INFORMATION PLEASE CONTACT:
Linda Brennan, Chief Financial Officer (416) 799-9205 firstname.lastname@example.org
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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.