VANCOUVER, Jan. 23, 2012 /CNW/ - Jaxon Minerals Inc. (the "Company" or "Jaxon") is pleased to announce that it has added by option, five mineral claims to the Lucille Lake Block located in the famous Flin Flon-Snow Lake volcanogenic massive sulphide (VMS) and gold deposit Greenstone Belt in Manitoba.
Copper Reef Mining Corporation ("CRM"), Flin Flon, Manitoba and Jaxon have agreed to an Option Agreement on 994 hectares of mineral rights which brings the area of Jaxon's strategically located Lucille Lake Block to a total of 2,976 hectares. This property in central Manitoba is accessible by road and winter trail and is in a region being actively explored by Callinan Mines, Copper Reef and others. Jaxon expects to conduct exploration in 2012 on all three of its properties (October 21, 2011, Jaxon Press Release #11-04) and is making application for diamond drilling of priority geophysical targets and mineral showings.
Details of the Option Agreement are as follows:
|a) On TSX-V Acceptance||$ 10,000||100,000||-|
|b) 12-month Anniversary of TSX-V Acceptance||-||100,000||$ 50,000|
|c) 24-month Anniversary of TSX-V Acceptance||-||200,000||$ 100,000|
|d) 36-month Anniversary of TSX-V Acceptance||-||300,000||$ 200,000|
|e) 48-month Anniversary of TSX-V Acceptance||-||1,000,000||$ 250,000|
Subject to a 2.5% NSR of which 1 percentage point can be purchased by Jaxon for $1,000,000 or alternatively, at CMR's election, payment of a $1.00 per ton royalty for ore extracted from the property.
Further to Jaxon's Press Release #11-04, October 21, 2011, the Company has flown geophysical surveys on the Beatty Lake, Saskatchewan and Snow Lake, Manitoba properties; preliminary encouraging results merit continuation of the option agreements.
The Option Agreement is subject to TSX-Venture Exchange regulatory acceptance.
ON BEHALF OF THE BOARD OF DIRECTORS
JAXON MINERALS INC.
Leif Smither, Director
This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release may include, but is not limited to, the Company's objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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.
For further information:
regarding Jaxon Minerals Inc., please contact Leif Smither at 604-608-0400, Toll Free: 1-877-608-0007 or visit our website at www.Jaxonminerals.com.