Cantex announces commencement of option agreement on gold project
February 10 2012 - 9:00AM
PR Newswire (Canada)
KELOWNA, BC, Feb. 10, 2012 /CNW/ - Cantex Mine Development Corp.
(the "Company") is pleased to provide a progress update on the
option agreement with WCP Resources Ltd. ("WCP") over the Al
Hariqah project. The Company is pleased to report that WCP has now
completed its due diligence process with respect to the Al Hariqah
gold project. No materially adverse issues were identified
and WCP has now formally notified the Company that it will proceed
with its two year option period in accordance with the terms of the
option agreement as announced on December 16, 2011. WCP now has up
to two years to exercise its option to farm-in to the project. Upon
exercise, and by meeting a series of expenditure commitments, WCP
will be able to progressively earn up to a 70% interest in the
project. Al Hariqah is a near-surface gold deposit located 130km
northwest of Sana'a, Yemen. The Company has been granted a new
exploration licence over the project area under recently introduced
new mining laws. The new exploration licence covers
approximately 957km(2) and is valid for four years from the date of
grant (January 17, 2012) with the option for two further 4 year
extensions (provided 50% area relinquishment is carried out at the
first extension). The new Yemen mining laws were drafted with
assistance from the World Bank so as to encourage new investment.
Importantly, the new mining laws have removed the option enabling
the government to purchase a 49% interest in the project at market
rates. Limited drilling activities are continuing with results
expected to be released progressively over the coming 12 months.
Signed, Charles Fipke Charles Fipke Chairman Neither 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. Cantex
Mine Development Corp. CONTACT: Cantex Mine Development Corp, Tel:
+250-860-8582, Email:info@cantex.ca
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