Geodex Minerals Ltd.: Hunter Dickinson Group Options Sisson Brook Tungsten-Molybedenum Project

Geodex Minerals Ltd. (TSXV:GXM) announced that Northcliff Exploration Ltd. of the Hunter Dickinson group has signed an agreement to acquire a 70% interest in the Company’s Sisson Brook tungsten-molybdenum project in New Brunswick, Canada.

The press release is quoted as saying:

A letter agreement has been executed and a definitive agreement between the companies will be completed and announced in the next few weeks. Pursuant to the terms and conditions of the letter agreement, Northcliff, a private company controlled by Hunter Dickinson Inc., has acquired a 70% interest in the Sisson Brook Project, subject to funding expenditures of up to $17 million, and Northcliff and Geodex will establish the Sisson Brook Development Joint Venture to advance the Sisson Brook Project. Northcliff’s expenditures include the completion of a $1 million private placement in Geodex at $0.30 per share, a 160% premium to the closing price on August 30th, 2010. The private placement funds will be used for general working capital purposes that Geodex will apply to its ongoing operations to create further value for its shareholders, now including Northcliff and Hunter Dickinson Inc.

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