Amex Enters Into an Option Agreement for the Perron Property and Share Purchase
With Agnico Eagle Mines Limited
- To acquire a 51% interest: cash payment of $450,000 and $4.5
Million in exploration work over a three year period and investment
of $400,000 in Amex by private placement within 10 days of closing.
- Option to increase to 65%: additional $8 Million of work on the
property and/or funding of feasibility study.
MONTREAL, QUEBEC -- (Marketwired) -- 06/21/13 -- Amex Exploration
Inc. (TSX VENTURE:AMX) ("Amex" or the "Corporation") is pleased to
announce that it has granted Agnico Eagle Mines Limited ("Agnico"),
an option to acquire an undivided 51% interest in the Perron property
The Perron gold project is located at about 5 km NW from Normetal
mine-town in the Abitibi region of Quebec and is easily accessible by
road network. Geologically, the project is located in the Archean
Greenstone Belt of the Superior Lake structural province.
In consideration for such Option, Amex will receive cash payments of
$450,000 over a three year period and Agnico will have to spend
$4,500,000 in exploration expenses on the Perron property over a
three year period and will invest $400,000, by way of private
placement in Amex.
The first cash payment of $45,000 to be paid in full at closing, the
work expenditures of $450,000 to take place before December 31, 2013
and the private placement of $400,000 are firm commitments and are
binding on Agnico.
Subsequent cash payments of $100,000, $135,000 and $170,000 are to
be, respectively, made prior to June 21, 2014, 2015 and 2016.
Subsequent work expenditures of $1,000,000, $1,350,000 and $1,700,000
are to be made prior to December 31, 2014, 2015 and 2016. Agnico may,
at its discretion, increase the rate of the payments and the work on
the property. Agnico will not acquire any rights on the Perron
property if it does not comply with all of the cash payment and work
Pursuant to the earn-in phase, the parties shall establish a joint
operating agreement for the further development of the property which
will provide that Agnico may increase its interest of 51% to a
maximum of 65% during a 3 year period, by investing up to $8 Million
in additional exploration expenditures and /or solely financing a
Jacques Trottier, PhD, President and CEO of Amex Exploration
comments, "We are very pleased to have Agnico Eagle as our partner in
the Perron Property. Agnico Eagle has a renowned expertise in this
type of gold mineralisation that we just discovered, and this
agreement demonstrate the recognition of the real potential of this
promising new gold-rich polymetallic mineralization at Perron. I am
looking forward to see Agnico Eagle resuming the work on the property
shortly after the transaction in completed".
Amex Exploration Inc. is a junior mining exploration company listed
on the TSX Venture Exchange whose primary objective is to develop and
bring into production viable gold and base metal deposits.
Neither 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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