CALGARY, Feb. 25 /CNW/ - CMQ Resources Inc. (TSXV: NV) ("CMQ") and
Geologix Explorations Inc. (TSX: GIX) are pleased to announce that an
Exploration and Option to Form a Joint Venture Agreement (the "Agreement") has
been completed between Montezuma Mines Inc. ("Montezuma"), a subsidiary of
CMQ, and Geologix (US) Inc. ("Geologix"), a subsidiary of Geologix
Explorations Inc., on Geologix's South Sleeper project (RO Property). This
Agreement replaces the letter of intent between the parties originally dated
June 11, 2008.
Under the terms of the Agreement, Montezuma must spend $60,000 in respect
of the RO Property on or before February 20, 2010. Any further expenditure
amounts are at the election of CMQ but no interest is earned in the project by
Montezuma until an aggregate USD$3,000,000 has been expended. Montezuma may
earn a 55% interest in the RO Property by funding US$3,000,000 in qualified
expenditures over a five year period. Montezuma may then elect to earn an
additional 10% interest by completing a bankable feasibility study. Following
completion of a feasibility study, Montezuma may elect to earn an additional
5% by arranging financing at its expense for the project through to commercial
production. Alternatively, Montezuma and Geologix may form a Joint Venture to
further explore the project.
Geologix Exploration Inc. is a mineral exploration company focused on
acquiring, exploring and developing mineral properties in North and South
America. It has a wealth of experience in the mining industry taking early
stage exploration prospects to final feasibility and ultimately to production.
CMQ is a mineral exploration company actively pursuing significant,
exploration stage gold projects in northern Nevada.
None of the TSX Venture Exchange, Toronto Stock Exchange nor the
Investment Industry Regulatory Organization of Canada have reviewed and
do not accept responsibility for the adequacy or accuracy of this
For further information:
For further information: John Hogg, Chief Executive Officer, CMQ
Resources Inc., Tel: (775) 778-3693, Email firstname.lastname@example.org; or Jeff
Wilson, VP Corporate Communications, Geologix Explorations Inc., Tel: (604)
694-1742, Email: email@example.com