Shares outstanding: 28,510,116
PASS LAKE, ON, June 3 /CNW/ - James R. B. Parres, President & CEO of Jiminex Inc. is pleased to report that Jiminex has entered into a Letter of Intent ("LOI") option agreement with Rivercrest Resources Inc. on the Jiminex Misehkow River property, located in the Pickle Lake gold mining region, Ontario near the Pickle Crow project of PC Gold Inc. Rivercrest, currently a private Canadian company, anticipates to be listed publicly where it will focus on exploring for promising gold exploration opportunities in Canada and beyond.
Mr. Parres commented "I believe that both Jiminex and Rivercrest shareholders will greatly benefit from this partnership. Rivercrest will have the opportunity to participate in an exciting and highly prospective gold project located in the Pickle Lake gold region while Jiminex will have significant early exploration costs assumed by Rivercrest. Jiminex will remain the operator of the Misehkow River Gold Project. This is great news for Jiminex shareholders and we look forward to begin a drilling program on the property as soon as possible".
The LOI option agreement grants Rivercrest the right to earn up to a fifty percent (50%) interest in the Misehkow River Gold property (currently 100% owned by Jiminex) subject to a 3% net smelter return. Rivercrest will acquire 37.5% of the Misehkow River property when it has made a total of $300,000 cash payments, issued 1,000,000 common shares and expended a total of $3,000,000 on exploration. The remaining 12.5% ownership can be earned by Rivercrest making a final payment of $100,000 cash and expending $1,500,000 bringing Rivercrest up to a 50% ownership in the Misehkow River property. At this stage, Jiminex and Rivercrest will become 50-50 joint venture partners subject to a standard joint venture agreement.
During the month of May 2010, in preparation for upcoming exploration, Jiminex has completed infrastructure on the Misehkow River property including camp, drill core racks, four-wheeler trails and helicopter pads for remote access points. In addition, Company geologists have selected several diamond drill targets based on historical exploration combined with the VTEM airborne geophysical survey flown in late 2009. Condor Consulting Inc., recognized experts in the field of airborne electromagnetics and magnetics, have been retained to perform a detailed interpretation of the results of the Misehkow River VTEM survey and their report is pending.
The Misehkow River property has noteworthy historical gold assay value diamond drill intercepts of up to 12.4 grams per tonne over 0.71 metres (0.362 ounces/ton over 2.2 feet) and value/width intercepts of up to 3.84 grams per tonne over 6.4 metres (0.11 ounces/ton over 21.0 feet). Jiminex Inc. now owns a substantial strike length of under-explored iron formation and associated rocks considered to have a high potential for Pickle Lake and Mussewhite-style gold mineralized deposits.
The Misehkow River property presently consists of two blocks of claims covering 22.5 kilometres of iron formation lithology which is a favorable host environment for gold deposits in the Pickle Lake gold area. The new West Block has 47 claim units having an area of 7.5 square kilometres and covering 6 kilometres of iron formation. The East Block now consists of 213 claim units having an area of 34.1 square kilometres and covering 16.5 kilometres of iron formation.
Jiminex Inc. was listed as a junior resource company on the TSX venture exchange in late August 2009 and is focused on gold exploration in Canada. The Company has acquired three high potential gold properties located in three separate well-known gold and copper-zinc mining camps. Jiminex's Misehkow River property is located in the Pickle Lake gold mining region of Ontario near to the Pickle Crow Project of PC Gold Inc. Misehkow River presents an opportunity to locate significant iron formation hosted gold deposits over a large target area of approximately 23 kilometres. The Parres and Parres Two properties are located in the well-known Snow Lake copper-zinc and gold mining camp of Manitoba where the major new Lalor Lake copper-zinc and gold deposit discovery of HudBay Minerals Inc. is actively being explored and developed. Jiminex is also present in the Hemlo gold mining camp, Ontario close to the 21 million ounce Hemlo gold deposit currently being mined by Barrick Gold Corp. The Northern Eagle gold property is considered one of the best target areas in which to locate another Hemlo-style World-Class gold deposit and Jiminex is earning a 50% interest from Beaufield Resources Inc.
Allan J. Willy, P. Eng., VP Exploration & Director of Jiminex Inc. is the qualified person responsible for the geotechnical content of the Company's public information.
If you would like to be added to Jiminex's news distribution list, please send your name (optional) and email address to email@example.com.
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in the Company's periodic reports including the annual report or in the filings made by the Company from time to time with securities regulations. The Company undertakes no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated event.
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 JIMINEX INC.
For further information: For further information: Jim Parres, President & CEO, Phone: (807) 977-1679, Fax: (807) 977-1769, Email: firstname.lastname@example.org, Website: http://www.jiminex.com