/THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. NEWS WIRE SERVICES/
WINNIPEG, Jan. 13 /CNW/ - Hugh Wynne, CEO of SGX Resources Inc. ("SGX"),
is pleased to announce that SGX has entered into an option agreement
(the "Option Agreement") with each of Kimberly M. Cunnsion, Douglas J.
Londry, Dale R. Pyke and Bruce N. Raine (collectively, the
"Optionors"). Pursuant to the Option Agreement, the Optionors have
provided SGX with an option to acquire a 100% undivided interest in 2
mineral claims (the "Properties") held by the Optionors in Tisdale
Township in the Timmins, Ontario area.
Pursuant to the terms of the Option Agreement, SGX has the option to
earn a 100% undivided interest in the Properties by making the
following aggregate cash payments and issuing the following aggregate
numbers of common shares of SGX ("Common Shares") to the Optionors: (i)
$20,000 cash and 100,000 common shares on or before the date that is
two years following the date that approval for the Option Agreement is
received from the TSX Venture Exchange (the "Approval Date"); (ii)
$40,000 cash on or before the third anniversary of the Approval Date;
(iii) $60,000 cash on or before the fourth anniversary of the Approval
Date; and (iv) $80,000 cash and 100,000 Common Shares on or before the
fifth anniversary of the Approval Date. SGX is also required to
undertake at least 1,000 metres of diamond drilling on the Property on
or before the second anniversary of the Approval Date, with at least
300 metres being drilled within 6 months of the Approval Date. In
addition, SGX must perform at least $500,000 in exploration
expenditures, including the cost of the diamond drilling, on or before
the fifth anniversary of the Approval Date.
Upon transfer of a 100% undivided interest in the Properties from the
Optionors to SGX, the Optionors shall be entitled to an aggregate 3%
net smelter returns royalty on the Properties. At such time, SGX shall
be entitled to purchase 2% of such net smelter royalty for $1,000,000.
If SGX does not purchase 2% of the net smelter royalty, then the net
smelter royalty in favour of the Optionors shall automatically increase
Neither the 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 the contents of
this News Release.
SOURCE SGX Resources Inc.
For further information:
Hugh Wynne, Chief Executive Officer. Tel: (204) 791-1723