CANAMEX GOLD CORP.
Company Name Change and Bruner
Gold Project Update
Vancouver,
BC -- November 9, 2017 -- InvestorsHub NewsWire --
Canamex Gold
Corp.,
formerly Canamex Resources Corp., (the “Company”
or “Canamex”) (TSX-V:
CSQ) (OTCBB:
CNMXF) (FSE:
CX6) is
pleased to announce that, further to its news release of October
25, 2017, the Company has changed its name to Canamex Gold
Corp. effective immediately.
The Company’s
trading symbol remains as “CSQ” on the TSX Venture
Exchange (the “TSXV”). The new CUSIP number
for the Company’s common shares is 13711B108 and ISIN is
CA13711B1085.
The Company’s
common shares commenced trading under the new name effective at the
opening of trading today, Wednesday, November 8, 2017.
Furthermore, the
Company is pleased to launch its new website at www.canamexgold.com and adoption of a new Company logo
to reflect the name change to Canamex Gold
Corp.
Bruner Gold Project
Update
The Company is
pleased to announce that the US Bureau of Land Management (BLM) has
recently extended the Notice of Intent on the Bruner Gold Project
for a further two years, until October 18, 2019. The BLM has also
accepted an increased bond amount to drill water well this month.
The water well will provide the water for the Bruner Gold Project’s
development path into production.
BLM
Notice of Intent Extended
The Notice of
Intent with the BLM has been extended for 2 years until October 18,
2019. The Notice of Intent covers surface disturbance for
exploration drilling of approximately 2.87 acres. Disturbance
under a Notice of Intent can be up to 5 acres before a Plan of
Operations is required. The extension allows the Company to
continue to drill around the Penelas resource area, for extensions
to that resource, and with additional amendments and increased
bonding, to disturb up to the maximum 5 acres allowed in order to
quantify the extent of the Penelas resource and other exploration
targets on BLM administered unpatented mining claims.
Amendment to NOI to Drill Water
Well
The Company was
granted water rights for up to 350 gallons per minute (gpm) of
water from the State of Nevada in April 2014, subject to perfecting
that water right by drilling a well before year end 2017. The
Company has selected a water well site on unpatented mining claims
along the access corridor to the Bruner Gold Project. The BLM has
amended the Notice of Intent and approved an increased bond amount
to cover the surface disturbance and reclamation associated with
drilling this well. The amendment and bond have been approved
and the Company has entered into an agreement with Harris
Exploration Drilling, a licensed water well driller in the State of
Nevada, to drill the water well.
Drilling is
expected to
commence in mid to late November, and be completed by mid-December
2017. The completion of the well will allow the Company to
perfect its water right for up to 350 gpm of groundwater. The
well will be used to supply water for all additional drilling on
the Bruner Gold Project and ultimately should be able to supply
make-up water for development of the gold resources on the Bruner
Gold Project.
NV
Energy Study for Delivery of Grid Power to the Bruner Gold
Project
The company has
agreed to enter into an Engineering Study Agreement (ESA) with NV
Energy regarding the delivery of grid power from NV Energy’s
substation at Gabbs, Nevada, located about 20 miles by road from
the patented claims of the Bruner Gold Project, where the PEA
completed by Welsh Hagen Associates in 2016, had recommended the
location of a heap leach processing site. Two alternatives for
delivery of grid power to the Bruner gold project appear to be
potentially available to the Company, and the ESA will quantify the
costs and logistics of the two currently identifiable
options.
Updated Resource and Updated
Preliminary Economic Assessment (PEA)
Welsh Hagen
Associates are making steady progress on the updated resource and
concurrent updated PEA, with a target completion before year end
2017. The updated resources and updated PEA will be made public
after receipt by the Company. This is expected to be next
month.
Comments by Canamex
Management
David Vincent, CEO
of the Company stated:
“The Company
name change, website change and logo change are being implemented,
in order to better reflect the new strategy of the Company, and to
improve its communications with current and future shareholders in
the Company.
A number of key
milestones are now being completed at the Bruner Gold
Project:
- Updated resources and updated
PEA,
- Provision of a water supply for
further Project development,
- Energy study for the later
provision of grid power to the Project, and
- Extension to the NOI, in order
to conduct step out drilling at the planned Penalas pit area,
and other planned pit areas, in order to further improve the
economics and further increase the economic gold
resources.
Next year, 2018 is
shaping up as a very busy year for the Company, as it moves closer
towards development of the Bruner Gold Project, in mining friendly
Nevada”.
Greg Hahn, C.P.G.
#7122, is the Qualified Person responsible for the technical
information disclosed in this press release.
About
the Company
Canamex Gold
Corp. (TSXV:CSQ;
OTCQX:CNMXF; FSE:CX6)
is engaged in fast-tracking toward development of the Bruner Gold
Project in the prolific gold jurisdiction of Nye County, Nevada.
The region is home to several producing and past-producing mines
along the Walker Lane Trend. The Bruner Gold Property is surrounded
by multi-million-ounce gold deposits, including Paradise Peak,
Round Mountain and Rawhide. The company’s growth strategy includes
developing sufficient resources for production on patented claims
first, shortening the time to permit in order to move quickly to
gold production operations. Near-term cash flow generation will
allow Canamex to build value for shareholders by minimizing
dilution risk whilst further growing the resource through drilling.
Canamex completed a positive Preliminary Economic
Assessment (PEA) on the Bruner Gold Project in April 2016.
However, based on additional drilling conducted on the property,
the company has requested a new PEA and resource estimate, expected
to be completed before the end of 2017. The PEA is robust with high
IRR and low capex, based on a low cost heap leach operation, with
good metallurgical recoveries and low reagent consumption. The
second asset is the Silverton property, which is a gold exploration
project, in Nevada, which has geological similarities to the Long
Canyon gold deposit (+3 million ozs Au) in Nevada, being mined by
Newmont Mining.
ON BEHALF
OF THE BOARD
David Vincent
Chief Executive Officer
Mike Stark
Director and Chairman
Contact: (604) 833-4278
mstark@telus.net
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.
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