Trading Symbol: TSXV-JIM
Shares Outstanding: 13.4 Million
PASS LAKE, ON, Oct. 27 /CNW/ - Jiminex Inc., a junior mining exploration company, is pleased to announce that it has signed an agreement to purchase the Misehkow Gold Property located in the well-known Pickle Lake gold mining area, Northwestern Ontario, Canada. The property consists of 21 contiguous non-patented mining claims totaling 299 claim units having an area of 48 square km. Jiminex will acquire 100% ownership in the Misehkow Gold Property by making payment of $54,000 cash staking costs, by issuing 100,000 common shares and by granting a variable two to three percent net smelter royalty to the vendors.
The Misehkow Gold Property is located in the Uchi geological sub-Province, Superior Province of the Canadian Shield. In the Pickle Lake mining camp, located 55 km to the northwest, three mines have produced 2.5 million ounces of gold from very similar geological environments to that occurring at Misehkow. Also, Goldcorp's operating Musselwhite Mine located about 200 km north of Pickle Lake has a similar geological environment to the Pickle Lake region and has production plus reserves totaling about 4.7 million ounces.
On the Misehkow Gold Property assay value intercepts of up to 12.4 grams per tonne gold over 0.71 metres (0.363 ounces/ton over 2.3 feet) and value/width intercepts of up to 3.84 grams per tonne over 6.4 metres (0.11 ounces/ton over 20.4 feet) have been noted in historical drill logs for the property. The gold target iron formation extends for about 20 kilometres across the Misehkow Gold Property. Iron formation-hosted gold mineralization is a very important exploration target for the Pickle Lake and Musselwhite mining camps. A three kilometre long significant rock alteration zone, which averages roughly 100 metres in width, is closely associated with the iron formation and gold mineralization on the property.
Jiminex has acquired a substantial strike length of under-explored iron formation and associated rocks considered to have a high potential for Pickle Lake and Mussewhite-style gold mineralized deposits. A VTEM airborne geophysical survey has been flown over the Misehkow Gold Property by Geotech Ltd. and results are pending. Jiminex plans line cutting, ground geological, geochemical and geophysical surveys to be followed by a diamond drill program in 2010. Further information will be posted on the Jiminex website.
Allan J. Willy, P. Eng., VP Exploration & Director of Jiminex Inc. is the qualified person responsible for this release.
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in the Company's periodic reports including the annual report or in the filings made by the Company from time to time with securities regulations. The Company undertake no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated event. 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.
SOURCE JIMINEX INC.
For further information: For further information: James R.B. Parres, President and Chief Executive Officer of Jiminex Inc., Tel: (807) 977-1679, Email: firstname.lastname@example.org, Website: www.jiminex.com