KELOWNA, BC, Oct. 31, 2014 /CNW/ - Cantex Mine
Development Corp. (CD : TSXV) ("Cantex" or the "Company")
wishes to announce that WCP Resources Ltd ("WCP") has earned a 40%
interest in the Al Hariqah Gold Project ("Project"), a prospective
and potentially large scale gold project located in the Republic of
Yemen.
In accordance with the farm-in agreement, WCP has met the first
US $5 million expenditure commitment
on the Al Hariqah Gold Project and has thus earned a 40% interest
in the Project, subject only to payments due under the
agreement. WCP has elected to maintain its interest in the
Project at 40% and both Parties with now be responsible for their
respective share of costs or be subject to dilution.
As a result of the recent increase in the level of violence,
political instability and civil unrest in Yemen, Cantex and WCP have taken the decision
to suspend activities at the Project until it is considered
appropriate to restart operations. Cantex and WCP will
continue to monitor the situation in Yemen and when circumstances improve will look
to restart activities at the Project.
In the meantime, Cantex and WCP have notified the Yemen
Government of their decision to declare force majeure at the
Project, in accordance with the Yemen mining laws. If the Yemen
Government grants force majeure status for the Project, this will
allow the proposed work programs to be suspended without
consequence.
Signed,
Charles Fipke
Charles Fipke
Chairman
About the Company
Beyond the Al Hariqah gold project Cantex has projects in the
Yukon and Nevada. In the
Yukon recent work has identified
the potential for the claims area to host Carlin-style
mineralization. In Nevada the Company has five drill ready
properties along known trends of gold mines and is currently
seeking joint venture partners to advance the projects.
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.
SOURCE Cantex Mine Development Corp.