NELSON, BC, April 2 /CNW/ - Georox Resources Inc. ("Georox" or the
"Company") (GXR:TSX-V; OF6A:FRA) announces that it has decided not to make
annual concession payments on any of its mining concessions in Ecuador.
Consequently, all of the Company's mining concessions will lapse. The
Company's concessions have been significantly adversely affected by the
Government of Ecuador's implementation of changes to the country's
constitution and mining law on January 29, 2009 and general political and
business climate in Ecuador and the Company has determined that it is
uneconomic for it to continue operations in Ecuador.
The Company has begun to look for new opportunities in order to expand or
change Georox's business. The Company will rely on the expertise of management
and the Board of Directors of Georox as it carries out this review and will
obtain shareholder approval of any changes in business or acquisition of
assets, if required by the TSX Venture Exchange and/or applicable law.
Georox Resources Inc. is a mineral exploration company engaged in the
acquisition, development and exploration of mining properties. The Company is
committed to the creation of shareholder value through the exploration and
development of natural resources in an environmentally, economically and
socially responsible manner within its host countries and communities.
The Company trades its common shares on the TSX Venture Exchange under
the symbol GXR and on the Frankfurt Stock Exchange under the symbol OF6A. For
further information you can visit the Company's website at:
www.georoxresources.com or view the Company's records on SEDAR at:
Neither the TSX Venture Exchange nor its Regulation Service Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
No stock exchange, securities commission or other regulatory authority
has approved nor disapproved the information contained herein. This news
release includes certain "forward looking statements". All statements other
than statements of historical fact, included in this release, including,
without limitation, statements regarding potential mineralization and
reserves, exploration results, and future plans and objectives of the Company,
are forward looking statements that involve risks and uncertainties. There can
be no assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results to differ
materially from the Company's expectations are exploration risks detailed from
time to time in the filings made by the Company with securities regulations.
For further information:
For further information: Burkhard Franz, President and CEO, Georox
Resources Inc., Suite 206, 507 Baker Street, Nelson, British Columbia, V1L
4J2, Tel: (250) 352-9923, Fax: (250) 352-9926