Geologix Explorations Inc. (TSE:GIX) reports that it has signed an option agreement to acquire additional claims at its Tepal project in Michoacán State, Mexico.
The press release is quoted as saying:
2.0 % NSR based on the sale of all minerals is payable to Minera Tepal. Geologix retains a right of first refusal on any sale or assignment of royalties. Geologix may purchase at any time all or part of the NSR for $1,100,000 plus Value Added Tax for each 1% of the royalty.