WINNIPEG, MANITOBA--(Marketwired - Oct. 22, 2013) -
THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES
Dale Ginn, President and CEO of SGX Resources Inc. ("SGX") (TSX VENTURE:SVR), is pleased to announce that SGX has entered into an option agreement (the "Option Agreement") with Doug Lalonde (the "Optionor") dated as of October 21, 2013 (the "Effective Date"). Pursuant to the Option Agreement, the Optionor has provided SGX with an option to acquire a 100% undivided interest in eight mineral claims (the "Properties") held by the Optionor in Midlothian Township, Larder Lake Mining District and Halliday Township, Porcupine Mining District, Ontario. The Lalonde/Halliday prospect is situated approximately 15 kilometres northeast of the Edelston project along the Cadillac-Larder Lake Deformation Zone and approximately 30 kilometres southwest of Aurico Gold's Young Davidson gold mine. The claim group is contiguous with the former Stairs Gold mine immediately east of the property which produced 2,764 ounces of gold during the mid 1960s.
Pursuant to the terms of the Option Agreement, SGX has the option to earn a 100% undivided interest in the Properties by making the following aggregate cash payments and issuing the following aggregate numbers of common shares of SGX ("Common Shares") to the Optionor: (i) $20,000 cash and 200,000 Common Shares following the approval of the TSX Venture Exchange for the Option Agreement: (ii) $40,000 cash and 200,000 common shares on or before the first anniversary of the Effective Date; and (iii) $40,000 cash and 200,000 Common Shares on or before the second anniversary of the Effective Date. In addition, SGX must perform at least $150,000 in exploration expenditures on the Properties on or before the first anniversary of the Effective Date, an additional $250,000 in exploration expenditures on or before the second anniversary of the Effective Date and an additional $350,000 in exploration expenditures on or before the third anniversary of the Effective Date.
Upon transfer of a 100% undivided interest in the Properties from the Optionor to SGX, the Optionor shall be entitled to an aggregate 2% net smelter returns royalty on the Properties. SGX shall be entitled to purchase half of such royalty (1%) from the Optionor for $1,000,000 in cash.
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 the contents of this News Release.
The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied in the forward-looking information.