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| | January 29, 2010
Geologix and Arian Execute Definitive Option to Purchase Agreement for the Tepal Gold-Copper Project, Mexico
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| | Vancouver, B.C., January 29, 2010 -- Geologix Explorations Inc. (the "Company" or "Geologix") is pleased to announce the execution of a definitive agreement between the Company and Arian Silver Corp. ("Arian") granting Geologix the exclusive Option to Purchase a 100% interest in the Tepal Gold-Copper Project, Mexico, subject to a 2.5% net smelter return royalty to the underlying vendor.
Under the terms of the previously announced Letter of Intent and Option to Purchase Agreement, Geologix can complete the purchase of 100% of the property, subject to a 2.5% net smelter return royalty to the underlying vendor, by delivering to Arian US$1.45 million before February 23, 2010 and a further US$1.55 million to Arian before February 23, 2011. Of the first payment, US$517,500 will be satisfied by Geologix forgiving a loan in the same amount made to Arian. At Geologix's election, up to 50% of both payments may be satisfied in Geologix shares, subject to Toronto Stock Exchange approval. The Company will also assume the remaining underlying property option agreement payments of US$900,000 payable before June 6, 2010, and a further US$2.3 million before June 6, 2011 to the underlying vendor (see Geologix news releases dated January 19, 2010 and November 5, 2009 for more information).
Dunham Craig, President & CEO stated, "With the definitive agreement now executed, we're pleased to have the opportunity to initiate geophysical surveys, trenching, and drilling programs as we aim to systematically advance the project in the coming months."
Geologix Explorations Inc. is a mineral exploration company focused on acquiring, exploring and developing mineral properties in North and South America.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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