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ngex resources inc (NGQ) Snapshot

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06/18/14 - C$2.38
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ngex resources inc (NGQ) Details

NGEx Resources Inc. is engaged in the acquisition, exploration, and development of mineral properties. The company principally explores for copper, gold, silver, and zinc. Its principal assets include the Los Helados project located in Region III of Chile; Josemaría project situated in northern San Juan province, northwest Argentina; and the Filo del Sol project located between San Juan Province, Argentina, as well as Region III, Chile. The company was formerly known as Canadian Gold Hunter Corp. and changed its name to NGEx Resources Inc. in September 2009. NGEx Resources Inc. was founded in 1983 and is headquartered in Vancouver, Canada.

30 Employees
Last Reported Date: 03/31/14
Founded in 1983

ngex resources inc (NGQ) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: C$323.8K
Chief Financial Officer
Total Annual Compensation: C$56.3K
Director of Corporate Development
Total Annual Compensation: --
Vice President of Exploration
Total Annual Compensation: C$225.8K
Total Annual Compensation: C$166.9K
Compensation as of Fiscal Year 2013.

ngex resources inc (NGQ) Key Developments

NGEx Resources Announces Initial Mineral Resource Estimate for Filo del Sol Silver-Copper-Gold Deposit

NGEx Resources Inc. announced the initial mineral resource estimate for the Filo del Sol silver-copper-gold deposit. The deposit is located on the border between Chile and Argentina and is 100% controlled by NGEx. These results confirm a large resource with a significant oxide component and distinct high grade silver and copper zones. All mineral zones remain open to expansion. Filo del Sol is a high-sulphidation epithermal copper-gold-silver deposit. Overlapping mineralizing events combined with weathering effects, including supergene enrichment, have created several different styles of mineralization at Filo, including structurally-controlled gold, manto-style high-grade silver (+/- copper) and high-grade supergene enriched copper within a broader envelope of disseminated sulphide copper and gold mineralization. Filo del Sol is part of an emerging cluster of significant copper-gold deposits which includes the Company's nearby Los Helados and Josemaria deposits. The resource estimate presented in Table 1 below represents the total Inferred Resource, divided between oxide and sulphide mineralization and based on a copper equivalent cutoff grade. The Silver Zone and the Copper Zone are separate zones that are included within the total Inferred Resource envelope. The total Inferred Resource for the Filo del Sol deposit, at a 0.30% CuEq(1) cutoff grade is 280.5 million tonnes at a grade of 0.38% copper, 0.32 g/t gold, 9.7 g/t silver and 54 ppm molybdenum for a copper equivalent grade of 0.66% (2.3 billion pounds of copper, 2.9 million ounces of gold, and 87.8 million ounces of silver).

NGEx Resources Inc. Announces Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

NGEx Resources Inc. announced consolidated earnings results for the third quarter and nine months ended September 30, 2014. The net loss from continuing operations was $0.2 million lower for the third quarter ended September 30, 2014 compared to the same period in 2013. This is mainly due to an increase of $1.4 million of foreign exchange gain offset by an increase in exploration and project investigation expenditures of $0.3 million as explained above and an increase in general and administrative expenses of $0.5 million due to the payment of performance incentive bonuses to key employees of the company. The company's net loss for the nine months ended September 30, 2014 was $15.6 million or $0.09 per share as compared to a loss of $25.3 million or $0.15 per share for 2013. Net loss from continuing operations for the nine months ended September 30, 2014 was $15.5 million or $0.09 per share compared with a net loss from continuing operations of $25.1 million or $0.15 per share for 2013. The decrease in the net loss of $9.7 million is mainly due to a decrease in exploration and project investigation expenditures of $8.0 million resulting from a reduction in drilling activity at Los Helados and Josemaria offset by costs relating to conceptual studies at these properties and the commencement of drilling at Filo del Sol. Net cash used in operating activities was $20.9 million for the nine months ended September 30, 2014 and consisted primarily of the loss from operations of $15.6 million, which included exploration and project investigation expenditures and conceptual studies work of $12.4 million and was adjusted for the impact of non-cash items and changes in non-cash working capital.

NGEx Resources to Acquire 40% Stake in Filo Del Sol Project from Pan Pacific Copper

NGEx Resources Inc. has entered into a definitive agreement to acquire a 40% in the Filo del Sol project held by Pan Pacific Copper Co. Ltd., a Japan-based metal mining company, for $7 million in cash. Under the terms of the transaction, NGEx Resources will pay the consideration is payable in two installments: $3.5 million payable immediately and $3.5 million by the earlier of November 1, 2015 or upon completion of an administrative restructuring of certain exploration licenses. The Filo del Sol project is a high sulphidation epithermal copper-gold-silver system that overlies a porphyry copper and gold system. The project located in between San Juan Province, Argentina and Region III, Chile.


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