/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
VANCOUVER, Aug. 31 /CNW/ - GMV Minerals Inc. (the "Company" or "GMV")
(TSX-V:GMV) is pleased to announce that further to its press release
issued May 4, 2010, the TSX Venture Exchange (the "Exchange") has issued
its Bulletin confirming that it has accepted for filing the letter
agreement dated April 29, 2010 (the "Letter Agreement") entered into
between GMV and Alfro Alphonso, as described in the May 4, 2010 press
release with respect to the acquisition of 100% interest in certain
mineral rights in Guyana, South America. In furtherance to the Letter
Agreement, on August 26, 2010 the Company entered into a formal
agreement as contemplated by the Letter Agreement. Under the terms of
the formal agreement (the "Agreement"), GMV will continue to have the
rights to buy back the 2% non-transferable net smelter return royalty
which it granted to the Optionor, however the buyback price has been
fixed at US$8.5 million, regardless of the size of the delineated
mineral resource at the time of buy back. The Agreement deals with
certain other administrative matters, such as providing for an
arbitration mechanism in the event a dispute arises in relation to the
Agreement but otherwise does not provide for any further substantive
changes to and incorporates the Letter Agreement.
As final Exchange approval has been obtained, GMV will issue, at the
direction of the Optionor, the first tranche of shares issuable upon
Exchange acceptance as provided for in the Agreement, being 1,512,753
common shares together with the initial cash payment required of
$150,000. Additionally, a finder's fee of 750,000 common shares of GMV
will be paid to Bear Trade Corporation, with 565,000 common shares to be
initially issued and the balance to be issued following the first
anniversary date of the issuance of the Bulletin.
Lastly, the Company announces that is has granted incentive stock
options to various directors, officers and consultants to purchase up to
1,975,000 common shares at an exercise price of $0.20 per share for a
period of 5 years from date of grant.
About GMV Minerals Inc.
GMV Minerals Inc. is a junior exploration company focused on the
discovery of gold assets in Guyana, South America. The Company is fully
financed and will conduct a variety of advanced exploration methods
during 2010 to add value for its shareholders.
Neither 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 or
has in any way passed upon the merits of the Acquisition and has neither
approved nor disproved the contents of this press release.
This news release may contain forward-looking statements based on
assumptions and judgments of management of the Company regarding future
events or results. Such statements are subject to a variety of risks and
uncertainties which could cause actual events or results to differ
materially from those reflected in the forward-looking statements. The
Company disclaims any intention or obligation to revise or update such
statements except as may be required by law.
SOURCE GMV Minerals Inc.
For further information: For further information:
GMV Minerals Inc.
Tel: (604) 899-0106