VANCOUVER, British Columbia, July 10, 2018 (GLOBE NEWSWIRE) -- Auramex Resource Corp. (“Auramex” or the “Company”) (TSX VENTURE:AUX) announces the following corporate update and clarification:
Corporate Update
Details for a 2018 exploration program are being finalized and will be announced shortly. Auramex is working toward several agreements intended to augment and rationalize the core properties and to bring in joint venture partners on non-core properties. A comprehensive corporate presentation is nearing completion and the website is being updated and enhanced.
Clarification
At the request of the Exchange, Auramex would like to clarify disclosure in the March 31, 2018 interim financial statements (the “Interim Financial Statements”) with regard to the name of one of its properties.
Note 13 - Subsequent Events referenced the Georgie River property, which was the first reference to that property name. Georgie River was recently adopted as the name for a portion of the Georgia River property, a long-time holding of Auramex, encompassing 5,883 hectares of mineral titles located 18 kilometers south of Stewart, BC.
In April 2017, the Company entered into an agreement by which Decade Resources Ltd. (“Decade”) could earn a 75% interest in claims encompassing 161 hectares, or less than 3% of the overall property. (Terms are outlined in the news release of April 11, 2017 and Note 6 of the Interim Financial Statements.) The piece of the property optioned to Decade encompasses the past producing Georgia River mine.
To avoid the suggestion that Auramex continues to control the old mine, the project name was changed to that of the dominant geographical feature on the property, being the Georgie River.
In summary, at this time:
- Georgie River property refers to the entire property, with Auramex holding a 100% interest in 5883 ha, and retaining a 25% interest to 161 ha representing the old mine which was optioned to Decade;
- Georgia River mine refers to 3% of the property encompassing the old mine workings over which Auramex will retain a 25% interest on completion of the Decade earn-in.
Future disclosure will incorporate more distinctive names.
About Auramex
Auramex holds 190 square kilometers of mineral rights in BC’s Golden Triangle. The Georgie River property surrounds a past producing gold mine near tidewater, 18 km south of Stewart; the Tide North property is 4 km from an all-weather road; and the Bear Valley properties straddle highway 37A north and east of Stewart.
For information on Auramex please contact Lawrence Roulston at (604) 924-9376 or (604) 398-8829 or refer to the company’s website: www.auramex.com.
The technical disclosure in this release has been read and approved by Paul Metcalfe, PhD, P.Geo a qualified person as defined in NI 43‑101.
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.