Kobex Terminates Island Copper Option
July 02 2010 - 9:30AM
Marketwired
Kobex Minerals Inc. ("Kobex" or the "Company") (TSX VENTURE:
KXM)(NYSE Amex: KXM) has advised Western Copper Corporation
("Western Copper") that it is terminating its option agreement on
the Island Copper property in accordance with the terms of that
agreement.
Alf Hills, President of the Company says, "We have finished our
review of the order of magnitude engineering study that the Company
initiated late in 2009 following the amalgamation of IMA
Exploration Inc., Kobex Resources Ltd., and International Barytex
Resources Ltd. After careful consideration of that study and
exploration work that has been carried out in the area over several
decades, the Company has decided to terminate its option agreement
with Western Copper that was originally entered into by IMA
Exploration Inc.
The Company will continue to pursue its strategy of the
identification, acquisition and development of known mineral
deposits. While the commodity focus is gold, copper and uranium we
have considered, and continue to consider, any commodity with
economic potential.
The Company has approximately $40 million cash and is well
funded to take advantage of mineral opportunities which are brought
to its attention."
On behalf of the Board of Directors
KOBEX MINERALS INC.
Alfred Hills, President and CEO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news
release.
Contacts: Kobex Minerals Inc. Alfred Hills President
604-688-9368 Kobex Minerals Inc. Sam Yik CFO 604-688-9368
604-688-9336 (FAX) investor@kobexminerals.com
www.kobexminerals.com