| NGEx Acquires 100% Interest in Filo Del Sol | |
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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 23, 2014) - NGEx Resources Inc. (NGQ.TO)(NASDAQ OMX:NGQ) ("NGEx" or the "Company") is pleased to announce that it has entered into a definitive agreement to acquire the 40% interest in the Filo del Sol project held by its partner Pan Pacific Copper Co., Ltd. ("PPC") for total cash consideration of US$7.0 million. The consideration is payable in two installments: US$3.5 million payable immediately and US$3.5 million by the earlier of November 1, 2015 or upon completion of an administrative restructuring of certain exploration licenses. As a result, NGEx holds a 100% interest in the Filo del Sol project. NGEx is planning an exploration program on the Filo del Sol project that is expected to include approximately 6,000 meters of reverse circulation drilling. This program is expected to commence in early 2015 and will focus on step out drilling designed to extend and further define the Filo del Sol mineralization. Commenting on today's news release, Wojtek Wodzicki, President and CEO stated "We are pleased to increase our interest in Filo del Sol where we see excellent exploration potential. Today's agreement allows us to explore the earlier stage Filo del Sol project, while focusing the work with our partner PPC on further developing the Los Helados project which is located closer to PPC's newly commissioned Caserones Mine. The ownership of the Los Helados project will remain the same with NGEx holding a 60% interest and PPC holding a 40% interest." About NGEx NGEx is a Canadian mineral exploration company with exploration projects in Chile, Argentina, and Canada. The Company's shares are listed on the Toronto Stock Exchange and NASDAQ OMX Stockholm under the symbol "NGQ". The Company's focus is on advancing its South American projects which include several large copper-gold systems including the Josemaria, Los Helados, and Filo del Sol projects, located on a land package that the Company holds in Chile's Region III and adjacent San Juan Province, Argentina. Los Helados is part of a joint venture in which the Company holds 60% and Pan Pacific Copper Co., Ltd. holds 40%. Josemaria is part of a joint venture in which the Company holds 60% and Japan Oil, Gas, and Metals National Corporation (JOGMEC) owns 40%. In addition, as a result of the agreement announced in this news release, NGEx holds a 100% interest in Filo del Sol amongst an extensive portfolio of other 100% owned early stage exploration projects located in Chile and Argentina. It also owns a 100% interest in the GJ copper and gold project located in British Columbia Canada. The GJ project is optioned to Teck Resources who are earning up to a 75% interest. On behalf of the board |
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Ngex Resources Inc.
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EXPLORATION STAGE |
CODE : NGQ.TO |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Ngex is a zinc and gold exploration company based in Canada. Ngex holds various exploration projects in Colombia. Its main exploration properties are CERRO CUADRADO, FILO DEL SOL and JOSEMARÍA in Argentina, MOULE and NYIEME in Burkina Faso, ZYMO and GJ KINASKAN in Canada, LINQUE 1, LINQUE 2, TALADRO 1 and TALADRO 2 in Peru, LOS HELADOS in Chile, HAMBOK in Eritrea and MANDÉ and PIEDRANCHA in Colombia. Ngex is listed in Canada. Its market capitalisation is CA$ 237.0 millions as of today (US$ 175.9 millions, € 157.0 millions). Its stock quote reached its lowest recent point on February 06, 2009 at CA$ 0.21, and its highest recent level on September 23, 2011 at CA$ 4.00. Ngex has 213 470 000 shares outstanding. |