Canamex Gold Corp., formerly Canamex Resources Corp., (the “Company” or “Canamex”) (TSX-V: CSQ) (OTCBB: CNMXF) (FSE: CX6) is pleased to announce that, further to its news release of October 25, 2017, the Company has changed its name to Canamex Gold Corp. effective immediately.
Canamex Gold Corp., formerly Canamex Resources Corp., (the “Company” or “Canamex”) (TSXV:CSQ) (OTCBB: CNMXF) (FSE: CX6) is pleased to announce that, further to its news release of October 25, 2017, the Company has changed its name to Canamex Gold Corp. effective immediately.
The Company’s trading symbol remains as “CSQ” on the TSX Venture Exchange (the “TSXV”). The new CUSIP number for the Company’s common shares is 13711B108 and ISIN is CA13711B1085.
The Company’s common shares commenced trading under the new name effective at the opening of trading today, Wednesday, November 8, 2017.
Furthermore, the Company is pleased to launch its new website at www.canamexgold.com and adoption of a new Company logo to reflect the name change to Canamex Gold Corp.
Bruner Gold Project Update
The Company is pleased to announce that the US Bureau of Land Management (BLM) has recently extended the Notice of Intent on the Bruner Gold Project for a further two years, until October 18, 2019. The BLM has also accepted an increased bond amount to drill water well this month. The water well will provide the water for the Bruner Gold Project’s development path into production.
BLM Notice of Intent Extended
The Notice of Intent with the BLM has been extended for 2 years until October 18, 2019. The Notice of Intent covers surface disturbance for exploration drilling of approximately 2.87 acres. Disturbance under a Notice of Intent can be up to 5 acres before a Plan of Operations is required. The extension allows the Company to continue to drill around the Penelas resource area, for extensions to that resource, and with additional amendments and increased bonding, to disturb up to the maximum 5 acres allowed in order to quantify the extent of the Penelas resource and other exploration targets on BLM administered unpatented mining claims.
Amendment to NOI to Drill Water Well
The Company was granted water rights for up to 350 gallons per minute (gpm) of water from the State of Nevada in April 2014, subject to perfecting that water right by drilling a well before year end 2017. The Company has selected a water well site on unpatented mining claims along the access corridor to the Bruner Gold Project. The BLM has amended the Notice of Intent and approved an increased bond amount to cover the surface disturbance and reclamation associated with drilling this well. The amendment and bond have been approved and the Company has entered into an agreement with Harris Exploration Drilling, a licensed water well driller in the State of Nevada, to drill the water well. Drilling is expected
to commence in mid to late November, and be completed by mid-December 2017. The completion of the well will allow the Company to perfect its water right for up to 350 gpm of groundwater. The well will be used to supply water for all additional drilling on the Bruner Gold Project and ultimately should be able to supply make-up water for development of the gold resources on the Bruner Gold Project.
NV Energy Study for Delivery of Grid Power to the Bruner Gold Project
The company has agreed to enter into an Engineering Study Agreement (ESA) with NV Energy regarding the delivery of grid power from NV Energy’s substation at Gabbs, Nevada, located about 20 miles by road from the patented claims of the Bruner Gold Project, where the PEA completed by Welsh Hagen Associates in 2016, had recommended the location of a heap leach processing site. Two alternatives for delivery of grid power to the Bruner gold project appear to be potentially available to the Company, and the ESA will quantify the costs and logistics of the two currently identifiable options.
Updated Resource and Updated Preliminary Economic Assessment (PEA)
Welsh Hagen Associates are making steady progress on the updated resource and concurrent updated PEA, with a target completion before year end 2017. The updated resources and updated PEA will be made public after receipt by the Company. This is expected to be next month.
Comments by Canamex Management
David Vincent, CEO of the Company stated:
“The Company name change, website change and logo change are being implemented, in order to better reflect the new strategy of the Company, and to improve its communications with current and future shareholders in the Company.
A number of key milestones are now being completed at the Bruner Gold Project:
- 1.Updated resources and updated PEA,
- 2.Provision of a water supply for further Project development,
- 3.Energy study for the later provision of grid power to the Project, and
- 4.Extension to the NOI, in order to conduct step out drilling at the planned Penalas pit area, and other planned pit areas, in order to further improve the economics and further increase the economic gold resources.
Next year, 2018 is shaping up as a very busy year for the Company, as it moves closer towards development of the Bruner Gold Project, in mining friendly Nevada”.
Greg Hahn, C.P.G. #7122, is the Qualified Person responsible for the technical information disclosed in this press release.
About the Company
Canamex Gold Corp. (TSXV:CSQ; OTCQX:CNMXF; FSE:CX6) is engaged in fast-tracking toward development of the Bruner Gold Project in the prolific gold jurisdiction of Nye County, Nevada. The region is home to several producing and past-producing mines along the Walker Lane Trend. The Bruner Gold Property is surrounded by multi-million-ounce gold deposits, including Paradise Peak, Round Mountain and Rawhide. The company’s growth strategy includes developing sufficient resources for production on patented claims first, shortening the time to permit in order to move quickly to gold production operations. Near-term cash flow generation will allow Canamex to build value for shareholders by minimizing dilution risk whilst further growing the resource through drilling. Canamex completed a positive Preliminary Economic Assessment (PEA) on the Bruner Gold Project in April 2016. However, based on additional drilling conducted on the property, the company has requested a new PEA and resource estimate, expected to be completed before the end of 2017. The PEA is robust with high IRR and low capex, based on a low cost heap leach operation, with good metallurgical recoveries and low reagent consumption. The second asset is the Silverton property, which is a gold exploration project, in Nevada, which has geological similarities to the Long Canyon gold deposit (+3 million ozs Au) in Nevada, being mined by Newmont Mining.
ON BEHALF OF THE BOARD
Chief Executive Officer
Director and Chairman
Contact: (604) 833-4278
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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