KELOWNA, BC, June 5, 2013 /CNW/ - Cantex Mine Development Corp. (TSXV: CD) ("Cantex", the "Company") announces that it has relinquished its exploration licenses covering the Suwar and Wadi Qutabah nickel-copper-cobalt project areas.
Cantex, along with joint venture partners Falconbridge Ltd and Vale International SA, have conducted significant exploration on the Suwar and Wadi Qutabah licences. Unfortunately, the work to date has not shown Suwar to contain sufficient tonnage or Wadi Qutabah to contain sufficient grades to mined profitably. As such, the Company has elected to relinquish the licenses and forego the annual renewal fees.
The Company still retains licenses covering the high grade Al Masna nickel-copper-cobalt-platinum group metal project and Al Fayad gold project areas in north Yemen which are currently under force majeure. The Company intends to resume work once the situation in the area stabilizes. The Al Hariqah gold project is currently being core drilled under the joint venture agreement between Cantex and WCP Resources.
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: Cantex Mine Development Corp.
For further information:
Cantex Mine Development Corp, Tel: +250-860-8582, Email: [email protected]