NGEx Resources to Acquire 100 Percent of Filo Del Sol

NGEx Resources Inc. (TSX:NGQ) has entered an agreement to purchase a 40 percent interest in the Filo del Sol project, currently held by its partner Pan Pacific Copper Co., Ltd., for a 100 percent interest in the project. Under the terms of the agreement, NGEx will pay a total cash consideration of US$7.0 million to Pan Pacific.

As quoted in the press release:

NGEx is planning an exploration program on the Filo del Sol project that is expected to include approximately 6,000 meters of reverse circulation drilling. This program is expected to commence in early 2015 and will focus on step out drilling designed to extend and further define the Filo del Sol mineralization.

NGEx president and CEO, Wojtek Wodzicki, said:

We are pleased to increase our interest in Filo del Sol where we see excellent exploration potential. Today’s agreement allows us to explore the earlier stage Filo del Sol project, while focusing the work with our partner PPC on further developing the Los Helados project which is located closer to PPC’s newly commissioned Caserones Mine. The ownership of the Los Helados project will remain the same with NGEx holding a 60% interest and PPC holding a 40% interest.

Click here to read the NGEx Resources Inc. (TSX:NGQ) press release