Trading Symbol: TSXV-JIM
Shares Outstanding: 13.4 Million
PASS LAKE, ON, Oct. 29 /CNW/ - Jiminex Inc. ("Jiminex"), a junior mining exploration company, is pleased to announce that, subject to regulatory approval, it has signed an agreement to purchase 100% of the Parres Property located in the well-known Snow Lake copper-zinc and gold mining area, Manitoba, Canada and near to the Lalor base metal deposit recently discovered by HudBay Minerals Inc. The property consists of 7 contiguous non-patented mining claim blocks having an area of 14.8 square kilometres. Jiminex will acquire 100% ownership in the Parres Property by making payment to the vendor of $6,000 cash staking costs, by issuing 100,000 Jiminex common shares at a deemed price of $0.10 per share and by granting a two percent (2%) net smelter royalty to the vendor (with a one percent (1%) buyback for $1,000,000). The vendor of the Parres Property, James R.B. Parres, is a non-arm's length party to Jiminex, and as such, this transaction is subject to review under TSX Venture Exchange Policy 5.3.
The Parres Property covers about 4 kilometres of favorable copper-zinc-gold-silver massive sulphide mine stratigraphy located between the Stall and Rod Mines to the west and the Osborne Mine to the east. The newly discovered Lalor Lake copper-zinc-gold-silver volcanic massive sulphide deposit is located about 20 kilometres to the southwest hosted in rocks similar to those occurring on the Parres Property.
In early October 2009 HudBay reported indicated and inferred resources for the Lalor deposit which have a combined total of approximately 17.3 million tonnes grading roughly 9% zinc and 0.6% copper. HudBay have also reported associated gold zones and a higher grade copper-gold zone (13.35 g/t gold, 5.33% copper and 0.35% zinc over 13.4 metres at a depth of about 1275 metres) making Lalor Lake possibly also a gold discovery as well. Additionally, HudBay plans to immediately begin a $85 million production ramp from their Chisel Lake North mine to the Lalor deposit. Nine past-producing HudBay mines in the immediate Snow Lake region have had past production and resources totalling roughly 25 million tonnes with grades ranging from 0.1 to 10.9% zinc and 0.2 to 6.4% copper. HudBay reports five diamond drills working on Lalor suggesting that this deposit may eventually exceed the production and reserve tonnage total of all the local base metal mines discovered and operated since the early 1950's.
The Lalor deposit is a significant deep discovery with the mineralization being located deeper than 800 metres below the surface. The Parres Property was extensively explored from 1960's to 1980's by ground geophysical surveys, geological mapping and by diamond drilling. Most of this geophysical surveying didn't test below about 200 metres of depth and all of the historical drilling didn't test below 200 metres of depth from the surface. The Parres Property is essentially untested below 200 metres of depth for Lalor and other similar (Chisel, Anderson, Stall-Rod, Osborne etc.) copper-zinc deposits.
Jiminex Inc. intends to carry out magnetic and deep-penetrating electromagnetic geophysical surveys to pinpoint diamond drill targets as soon as a further financing is completed. More information will be available on the Jiminex website.
Allan J. Willy, P. Eng., VP Exploration & Director of Jiminex Inc. is the qualified person responsible for this release.
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 regulators. The Company undertake 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 events. 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: James R.B. Parres, President and Chief Executive Officer of Jiminex Inc., Tel: (807) 977-1679, Email: firstname.lastname@example.org, Website: www.jiminex.com