Jiminex Inc. Options Hemlo Gold Property for Qualifying Transaction



    TORONTO, April 29 /CNW/ - Jiminex Inc. (the "Company") (JIM.P - TSX
Venture Exchange), Pass Lake, Ontario, a capital pool corporation, is pleased
to announce that on April 17, 2009 it executed a Letter of Intent (LOI)
Agreement with Beaufield Resources Inc. ("Beaufield") (BFD- TSX Venture
Exchange), Ottawa, Ontario, to acquire an option (the "Option") to earn an
undivided 50% interest in and to the mineral properties comprising Beaufield's
Northern Eagle Gold property (the "Property") located in the Hemlo gold mining
area situated east of Marathon, Ontario, Canada (the "Acquisition"). The
definitive agreement incorporating the LOI terms is to be completed and
executed within 45 days of the date of execution of the LOI. Pending
regulatory approval, this acquisition will be the "Qualifying Transaction"
through which Jiminex Inc. will evolve from a capital pool corporation into a
junior natural resource exploration company. The proposed transaction is arm's
length and accordingly no shareholder approval will be required. No management
change is anticipated by this arm's length qualifying transaction. Jiminex has
sufficient funds available to conduct the first initial phase of exploration
on the Northern Eagle Gold Property and to meet minimum listings requirements.

    
    Acquisition Highlights
    ----------------------
    

    The LOI sets out that Jiminex can acquire the 50% interest in the
Property by paying $10,000 cash to Beaufield on signing the LOI and a further
$90,000 cash or common share equivalent after approval of the Option by the
TSX Venture Exchange (the "Exchange"). In addition, Jiminex must make
exploration expenditures of $1,300,000 over a three year period all subject to
an up to 2% net smelter royalty to outside non-related parties. Jiminex will
be operator during the option earn-in period. When Jiminex fulfills the
preceding terms, earning its 50% interest in the Property, further exploration
will proceed pursuant to a joint venture with Beaufield acting as operator.
Jiminex has advanced $10,000 to Beaufield as a non refundable deposit to
secure the Option.

    
    Property Highlights
    -------------------
    

    The Northern Eagle Gold Property consists of 207 non-patented claim units
occupying a total area of 3 280 hectares or 32.80 km(2) located about 15 km
west of the world class Hemlo gold deposit (containing roughly 20.8 million
troy ounces gold as calculated from total production and reserves at Dec. 31,
2007). The Property is bisected by the Trans-Canada highway, a Canadian
Pacific railway line and a high voltage power transmission line. The Williams
Operating Corporation, now wholly-owned by Barrick Gold Corporation, is
currently producing gold at the Hemlo deposit. Infrastructure is excellent for
low cost exploration and for lower cost possible future gold mining project
development.
    The Northern Eagle Gold Property covers 10 km of Hemlo gold deposit
stratigraphy including a barite alteration/shear zone and the Hemlo-Heron Bay
regional fault, both geological features similar to that occurring at the
Hemlo gold deposit. A second less distinct alteration zone called the Melgund
Sericite Zone is suggested to exist on the property and is interpreted to be
closely associated with the Hemlo-Heron Bay regional fault. The Barite Zone is
associated with a northern splay of this regional fault. Both alteration zones
have geochemically elevated levels of a number of the trace elements which are
found in and surrounding the Hemlo Deposit. Geochemically-anomalous gold
values are noted from time to time in historical surface trench samples and
drill core samples on the Northern Eagle Gold Property.
    Following the Hemlo deposit discovery in 1981, there were several years
of intense exploration activity. Since the late 1980's exploration has been
sporadic over different parts of the Northern Eagle Gold Property. Geoscience
research on the Hemlo gold deposit, and the local and regional geology, is now
much more advanced than back in 1981. Exploration techniques are also much
advanced especially with deeper penetrating geophysical methods.
    It is important to note that about 90% of the Hemlo gold deposit is
deeper than 500 metres and considerably less than 5% of the Northern Eagle
Gold Property target alteration zones have been tested (if tested at all)
below this possibly critical depth. Jiminex Inc. plans to complete a
geological compilation of historical data followed by conducting deep
penetrating geophysical surveys over selected target areas. Deep (greater that
500 metres vertical depth) diamond drilling of the target areas is anticipated
pending raising the necessary funding.

    
    Directors and Insiders
    ----------------------
    

    Upon completion of the Qualifying Transaction it is anticipated that the
Company's board of directors will consist of Mr. Clinton Barr, Mr. Edward
Ierfino, Ms. Audrey M. Parres, Mr. James R. B. Parres, Mr. Michael Stares, Mr.
Stephen A. Stares and Mr. Allan J. Willy. The only insiders of the Company
following the completion of the Acquisition will be the seven board members
plus Mr. David Chan, the Chief Financial Officer. The following is a brief
summary of the board of directors:

    
        Clinton Barr
        ------------

        Mr. Barr has been a director of the Company since April 17, 2008

        Clinton Barr is a Director and Vice-President of Exploration for
        Benton Resources Corp., a company listed on the TSX Venture Exchange,
        and has been involved in mining exploration for 19 years. He
        graduated from Lakehead University, Thunder Bay, Ontario in 1991,
        holds an H.B.Sc. in Geology and is a registered Professional
        Geoscientist in Ontario.

        From 1989 to 2001, Mr. Barr worked for the major mining companies
        Noranda and Inco as a project geologist generating and evaluating
        base and precious metal opportunities throughout Canada and Turkey.
        During his tenure with Noranda he was personally involved in the
        discovery of five new base metal deposits. Since 2001, Mr. Barr has
        worked as a consulting geologist for such companies as North American
        Palladium Ltd., Metalex Ventures Ltd. and Big Red Diamond
        Corporation.

        Mr. Barr's experience from grassroots to advanced projects has
        provided extensive knowledge of various mineral deposit models which
        allows him to evaluate the full potential of mineral properties in
        both geological as well as political environments.

        Edward Ierfino
        --------------

        Mr. Ierfino has been a director of the Company since October 8, 2007.

        Edward Ierfino has over 10 years financial markets experience and has
        also been providing consulting services to public companies for over
        four years.

        Mr. Ierfino is currently a Director of Forest Gate Resources Inc. and
        the Corporate Secretary for Caldera Resources Inc.

        In addition to his reporting issuer experience, Mr. Ierfino has been
        the President of the Canadian Electronic Deposit Centre Inc. ("CEDC")
        since June 2003. CEDC, a private Canadian company founded in 2003,
        provides electronic disclosure filing and related supporting services
        for reporting issuers in Canada. Mr. Ierfino also worked as Manager
        for the Canadian Depository for Securities Inc.

        Mr. Ierfino holds a B.Comm. degree from Concordia University,
        Montreal, Quebec.

        Audrey M. Parres
        ----------------

        Ms. Parres has been a director of the Company since August 1, 2007.

        Audrey M. Parres worked at the Provincial Mining Recorder's office of
        the Ontario Ministry of Northern Development and Mines (MNDM) in
        Thunder Bay from 1969 to 1987. During her last seven years with the
        MNDM, Ms. Parres served as the Mining Recorder for the Thunder Bay
        Mining Division of the Province of Ontario.

        Since her retirement as Mining Recorder, Ms. Parres has acted as a
        secretary and a director of junior resource companies, and as an
        office manager, administrator and expediter on several mineral
        exploration projects.

        James R. B. Parres
        ------------------

        Mr. Parres has been a director of the Company since August 1, 2007.

        James R. B. Parres is currently and since August 1, 2007 has been
        President & Chief Executive Officer of the Company. Mr. Parres has
        been a junior resource company mining executive, mineral exploration
        geologist and prospector for the past 28 years. In addition, Mr.
        Parres has been acting as a geological consultant for A. L. Parres
        Ltd., a Manitoba based private mineral exploration company, since
        2000.

        Mr. Parres holds a Bachelor of Science Advanced Degree in Geology in
        Geological Sciences obtained at the University of Saskatchewan,
        Saskatoon.

        Michael Stares
        --------------

        Mr. Stares has been a director of the Company since April 17, 2008.

        Michael R. Stares is a Director and Field Manager for Benton
        Resources Corp. and is also a Director of Metals Creek Resources
        Corp. Mr. Stares is a 50% owner in Stares Contracting Corp. in joint
        ownership with Stephen Stares. His background includes 18 years of
        prospecting, including eight years for Noranda Exploration.

        In March of 2007 Michael Stares, along with the rest of the
        Stares/Keats family, were the recipients of the Prospectors and
        Developers Association (PDAC) Bill Dennis Prospector of the Year
        Award in recognition of the family's contributions to the industry
        over the past 40 years.

        Stephen A. Stares
        -----------------

        Mr. Stares has been a director of the Company since October 8, 2007.

        Stephen A. Stares is President, Chief Executive Officer and a
        Director of Benton Resources Corp., He is also a successful
        entrepreneur being the Managing Director of Stares Contracting Corp.
        In addition, Mr. Stares is a Director of Golden Dory Resources
        Limited and Ucore Uranium Inc.

        Mr. Stares has been managing the operations of Stares Contracting
        Corp., a private mineral exploration services company based in
        Thunder Bay since its incorporation in 1998. Stares Contracting Corp.
        has a client base that includes both major and junior mining
        companies and has optioned out more than 40 mining properties.
        Between 1994 and 1998 Mr. Stares prospected for Noranda Exploration
        on such projects as the Hemlo and Eagle River gold deposits and the
        Geco and Mattabi base metal mining camps.

        In March of 2007, Stephen Stares, along with the rest of the
        Stares/Keats family, were the recipients of the Prospectors and
        Developers Association (PDAC) Bill Dennis Prospector of the Year
        Award, in recognition of the family's contributions to the industry
        over the past 40 years.

        Allan J. Willy
        --------------

        Allan J. Willy has been a director of the Company since August 1,
        2007.

        Mr. Willy is currently and since August 1, 2007, the Secretary of the
        Company. He has been a mineral exploration geologist and geological
        consultant for the past 35 years. Mr. Willy is a graduate of the
        Bachelor of Sciences Advanced Degree program and the Post-graduate
        Diploma program, both in Geological Sciences at the University of
        Saskatchewan, Saskatoon.

        Mr. Willy is a qualified person as per National Instrument 43-101
        holding professional designations of Professional Engineer in Ontario
        and Saskatchewan and Professional Geoscientist in Saskatchewan. In
        addition, Mr. Willy has taken the Canadian Securities Course and a
        course in each of management and marketing under the University of
        Saskatchewan MBA program.

        Mr. Willy has worked as a geological consultant with many Canadian
        junior and major resource companies in the search for various metal
        deposits at many locations across Canada and in the Western United
        States of America.

        Since 1994, Mr. Willy has served as a director, an advisory board
        member and VP Exploration for junior resource companies.

    Sponsorship of Qualifying Transaction
    -------------------------------------
    

    Sponsorship of a qualifying transaction of a capital pool company is
required by the Exchange unless exempt in accordance with the policies of the
Exchange. The Company will apply for an exemption from sponsorship
requirements on the basis that the Acquisition is a Canadian based resource
venture and as such falls within the sponsorship exemptions of the Exchange
policies. However, there is no assurance the Company will obtain this
exemption.
    Allan J. Willy, P.Eng., Director and Consulting Geologist, is the
Qualified Person for the technical information contained in this press release
and is a Qualified Person within the meaning of National Instrument 43-101.
    A location map of the Hemlo property will be posted on www.jiminex.com

    "Completion of the transaction is subject to a number of conditions,
including but not limited to, Exchange acceptance and if applicable pursuant
to Exchange Requirements, majority of the minority shareholder approval. Where
applicable, the transaction cannot close until the required shareholder
approval is obtained. There can be no assurance that the transaction will be
completed as proposed or at all.
    Investors are cautioned that, except as disclosed in the management
information circular or filing statement to be prepared in connection with the
transaction, any information released or received with respect to the
transaction may not be accurate or complete and should not be relied upon.
    Trading in the securities of a capital pool company should be considered
highly speculative. The TSX Venture Exchange Inc. has in no way passed upon
the merits of the proposed transaction and has neither approved nor
disapproved the contents of this press release."
    The statements made in this Press Release may contain forward-looking
statements that may involve a number of risks and uncertainties. Actual events
or results could differ materially from the Company's expectations and
projections.





For further information:

For further information: James R. B. Parres, President & CEO, Telephone:
(807) 977-1679, Fax: (807) 977-1769, E-mail: jiminex@xplornet.com, Web Site:
www.jiminex.com

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JIMINEX INC.

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