ZNext Mining Industries, Inc. with Stock Symbols: (PINKSHEETS:
ZNXT) (OTC Preferred: ZNXTP) announces that ZNXPP will be the new
symbol for ZNext Mining Preferred Stocks after the 1,000:1 Reverse
Split.
This corporate action will take effect at the open of business
11/13/2008. The new symbol for the preferred stock on this date
will be ZNXPP. And the new CUSIP # is 98975U 405 and the ISIN
Number = 98975U 4058.
The common stock symbol and CUSIP Number will remain ZNXT.
In addition to the above corporate action, NASDAQ will announce
a common stock dividend of 1 post-split preferred share for each
1,000 common shares held on today's Dividends Daily List as
follows:
Record date: 11/12/2008
Payment date: 11/13/2008
Ex date: 11/14/2008
ZNext will reincorporate to the Philippines so that the mining
interests now only at the 40% level can and will be increased to
100%.
ZNext is budgeting an estimated $75,000.00 USD for the Phase I
Exploration Stage of its Wolf Lake Gold Project. The company hired
Laird Exploration Ltd. led by its Manager, James Laird and Project
Geologist, Greg Thomson, P.Geol.
Laird Exploration team travelled to the Wolf Lake Property
located near Courtenay on Vancouver Island, BC, from March 26 to
28, 2008. An examination of the property was made to determine the
current status of the known gold showings and logging road access,
assisted in planning and budgeting of the 2009 fieldwork program. A
rare late snowfall prevented field access on March 28th; however,
fieldwork may proceed at anytime due to a seasonal warming trend.
The total kilometres of grid lay-out with 25-metre sample stations
on lines 50 metres apart, remains to be determined by plotting;
however, an approximate total distance of 10 kilometres of grid is
anticipated. Soil sample collection costs and slope-corrected grid
establishment are estimated to be Can. $2000.00 per line/km. Sample
costs per soil sample with ICP base metals and fire assays for
precious metals, sample preparation and handling, are anticipated
to be approximately Can. $40.00 per sample (Chemex Labs, North
Vancouver, BC).
Recent logging has taken place on the north side of Wolf Creek
in a very prospective area for new gold deposits. New road building
has uncovered a new showing containing low-grade disseminated
visible iron, zinc and copper mineralization, and a general grab
sample was taken for assay to determine the gold and silver
content. The highly altered basaltic host rock is heavily
iron-stained, and is exposed for about 10 metres in length and 5
metres in width. Shallow overburden covers immediate extensions,
but it is likely that it encompasses a much larger area. If the new
showing contains potentially economic amounts of gold and silver
for high-grade or bulk-tonnage mining, trenching is recommended and
can be easily facilitated.
The recent clear-cutting of this highly prospective area of the
property together with a new mineral discovery and current great
road access clearly demonstrated the need for an advanced
exploration program. In order to thoroughly explore the exposed
land area prior to replanting with young trees by the involved
timber company, Timber West Ltd., we need to move fast. Harsh
financial penalties are associated with re-plantation of
newly-planted trees, so the budget timing and design of an
effective exploration program must reflect this.
A Phase 1 plan to delimit the new surface exposures of
mineralized areas by prospecting, geological mapping,
hand-trenching and rock sampling, and to test the grid soil
geochemistry is the best way to determine the next course of
action, prior to permitting Phase 2 trenching, geophysics and
drilling. A flagged, slope-corrected grid with UTEM GPS tie-ins is
recommended.
Geophysical costs remain to be determined by the consultant's
bid, following crew grid construction and a field inspection by the
bidder. Trenching and drilling cost will also be by bid.
A milling sample of approximately one metric tonne is available
from loose surface material at the Lake Zone. A bulk sample should
be collected in suitable ore-bags and submitted to a proper
mill-testing facility to test for total recoverable metal value and
processing costs. Costs to collect this sample are estimated in the
budget, subject to revision. The following budget is an estimate
based solely on current estimated costs of services, not a
fixed-price estimate.
2009 Phase 1 Budget Estimate Covers: Grid and soil sample
collection, 10 kilometres @ $2000.00 per line-kilometre=
$20,000.00; Geological mapping, supervision and report writing, 10
days @ $500.00 per diem=$5000.00; Project management, report
writing and prospecting, 10 days @ $500.00 per Diem=$5000.00; Soil
sample assays -- 400 @ $40 per sample = $16,000.00; Collecting and
packaging 1 tonne bulk sample=$2500.00; Crew room and board, 4 x 10
days @ $150.00 per day =$6000.00 Vehicle Costs -- 5000 km @ $0.75
per km= $4250.00; BC Ferries Costs= $400.00; Permitting, mapping
and drafting costs = $3000.00 Subtotal = $62,150.00 Plus Lairdex
Management Fee @ 15%= 9322.50 = $71,472.50; GST at 5%, GST No.
89003 0133 RP 0001= $3573.63 giving the total estimated cost of
$75,000.00 USD.
ABOUT THE COMPANY
ZNext Mining Corporation, Inc. is an international mining
company engaged in the exploration and commercialization of new and
underdeveloped mine sites, primarily gold and other precious
metals. Twelve (12) mining claims in British Columbia, Canada are
owned 100% by ZNext Mining. (aka PEARL). Additionally, under a
Philippines Mineral Production Sharing Agreement (MPSA) with the
government of the Republic of the Philippines, ZNext Mining owns
40% of the PEARL, a Philippines domestic private company, that
through aggregation of manpower and production among small-scale
miners and indigenous peoples, ZNXT intends to capitalize on
economies of scale in gold and silver extraction, processing and
commodities trading. ZNext Mining Corporation, Inc. is committed to
the implementation of sustainable green technologies to achieve
fiscal strength based on the principal of Profit-People-Planet.
Management continues to focus on achieving profit, while conducting
business with utmost consideration and compassion for people and
protection of our planet and the environment.
FORWARD STATEMENTS;
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
performance or achievements to differ materially from the
anticipated results, performance or achievements expressed or
implied by such forward-looking statements. Forward-looking
statements in this release include statements regarding the
Company's projections regarding gold production in future periods.
Factors that could cause actual results to differ materially from
anticipated results include risks and uncertainties such as: risks
relating to estimates of reserves, mineral deposits and production
costs; mining and development risks; the risk of commodity price
fluctuations; political and regulatory risks; risks of obtaining
required operating permits and other risks and uncertainties. Penny
Stocks are very highly speculative and may be unsuitable for all
but very aggressive investors. The Company disclaims any intention
or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
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CONTACT: Investor Relations Dennise Btravs Phone # USA
(888-498-0001) e-mail: Email Contact URL: www.ZNXTMINE.com
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