LAS VEGAS, NV, March 30 /CNW/ - Hemis Corporation (the "Company") (OTCbb:
HMSO, Frankfurt: XZA) is pleased to announce it has signed an Earn-In
agreement with Goldcorp Inc. (TSX:G)(NYSE: GG) through its Mexican subsidiary
Glamis Exploration S.A. de C.V ("Goldcorp") and Corex Gold Corp (TSX-V: CGE).
Under the Agreement Goldcorp has the right to earn up to an 80% interest in
Corex's Santa Rita and Zuloaga (collectively "Santa Rita") concessions in the
states of Zacatecas and Coahuila.
Goldcorp is the world's second largest gold company.
The Santa Rita Property encompasses 39,878 hectares and is located in the
Sierra Madre Oriental which is approximately 15 km from Goldcorp's Penasquito
deposit. The Santa Rita property is also near the Concepcion del Oro mining
district. Past production from this district is estimated at 250 million
ounces of silver and 1.5 million ounces of gold. Concepcion del Oro produced
gold and silver from a variety of deposit styles including skarns, mantos,
breccias and disseminated deposits in favorable lithologies.
Regarding the Penasquito property, Goldcorp has reported that as of June
2006 Penasquito has proven and probable gold reserves totaling 9.98 million
ounces. Silver reserves were 575 million ounces while lead and zinc totaled
1.67 million tonnes and 3.62 million tonnes respectively. Initial mine start
up is expected in late 2008 with full production reached by late 2009.
Norman Meier, President of Hemis Corp., states, "With the advance towards
production at Goldcorp's Penasquito mine we are extremely pleased to have a
company of Goldcorp's reputation and experience working our landholdings in
Mexico. The progress at Santa Rita is extremely encouraging and together with
the ongoing work programs at Hemis' other projects in Mexico, El Tigre and La
Centilla, Hemis' Resource Unit continues to maximize shareholder value."
The Earn-In agreement provides that Goldcorp can Earn-In to a 70%
interest in the Zuloaga property by spending US$4,000,000 over a 5-year period
and paying Corex Gold US$150,000 over an 18 month period. Goldcorp shall have
the option to increase its interest from 70% to 80% upon paying 100% of the
expenditures associated with placing the Property or any part thereof, into
commercial production based on a mine development project approved for all or
part of the property, with 20% to be repayable to Glamis from Corex Sub's
related project cash-flows, or arranging the proportionate share of a debt
In connection with entering into the Earn-In Agreement, Corex Gold and
Hemis Corporation agreed to replace Hemis' option to acquire a 49% interest in
Corex Gold's Santa Rita property (June 26, 2006) with an option to acquire a
49% interest in Corex Gold's interest in the Santa Rita property upon payment
to Corex Gold US$950,000 and 200,000 shares of Hemis Corporation over 2 years.
About Hemis Corporation
Hemis Corporation is a precious metals exploration company trading on the
OTCBB under the symbol HMSO and listed on the Frankfurt stock exchange under
the symbol XZA. Hemis Corporation is comprised of both a resource division and
a resource investment unit. Hemis' high profile team is focused on evaluating
gold projects with strong potential. The resource investment unit is actively
reviewing other natural resource companies for joint ventures and investment.
Hemis is incorporated in Nevada, USA with its head office in Zurich,
Switzerland and North American corporate communications representatives in
Canada and the United States. Led by an experienced team of exploration
geologists and financial professionals, this company has extensive
international capital markets experience and proven track records.
The statements contained herein which are not historical are
forward-looking statements that are subject to risks and uncertainties that
could cause actual results to differ materially from those expressed in the
forward-looking statements, including, but not limited to, certain delays
beyond the company's control with respect to commencement of drilling
operations, concentration in mineral deposits, delays in testing and
evaluation of ore samples, and other risks detailed from time to time in the
Company's filings with the Securities and Exchange Commission.
For further information:
For further information: Hemis Corporation, Norman Meier, +41 43 355
0228, President, www.hemiscorporation.com; Hudson Capital, (604) 662-3910,
Investor Relations, www.hudsoncapital.ca