Geologix Explorations Inc. (TSE:GIX) reports acquiring 100% of Tepal property by accelerating its final payment.
The press release is quoted as saying:
Subsequent to the acquisition of the above mentioned option from Arian, Geologix optioned an additional 34 square kilometres at Tepal which is subject to a separate underlying option agreement (see news release dated December 29, 2010 for full option term details). No work has been done to date on this additional ground.
Geologix’s President and CEO, Dunham Craig says:
“We are pleased to complete this transaction ahead of schedule and gain 100% ownership of this important land package. We now have full control and mineral title to all of the ground where the recently announced resource estimate and pending Preliminary Economic Assessment work have been concentrated. In addition, this land package includes a substantial amount of surrounding ground that will be the focus of our ongoing exploration and resource expansion programs.”