TSX Venture Exchange - JIM
Shares outstanding: 24,652,866
PASS LAKE, ON, Feb. 3 /CNW/ - James R. B. Parres, President & CEO of Jiminex Inc. is pleased to report that the Company has begun an airborne "Mega" Versatile Time Domain Electromagnetic ("Mega" VTEM) and high sensitivity cesium magnetic state-of-the-art geophysical survey over the Parres and Parres Two properties. The properties are located in the well-known Snow Lake copper-zinc and gold mining camp of Manitoba. Geotech Ltd., Aurora, Ontario is conducting this survey comprising a total of 806 kilometres of survey lines. Rodren Drilling Ltd., West St. Paul, Manitoba has been engaged to diamond drill the "Mega" VTEM anomalies, the drilling anticipated to begin early in the second quarter.
The "Mega" VTEM airborne geophysical system can detect conductive geological zones such as copper-zinc sulfide mineralized rock to depths of 500 to 600 metres, or even deeper depending on the geological characteristics of the survey region. The accurate positioning of anomalies detected by this system means that ground follow-up line cutting and geophysical surveys are not required resulting in substantial exploration cost savings. Using a geographic positioning system (GPS), drilling can proceed directly using the survey anomaly GPS co-ordinates to accurately locate the "Mega" VTEM targets zones and the required diamond drill hole locations on the ground.
Jiminex Inc. also reports that it has issued a total of 1,225,000 incentive stock options on February 3, 2010, subject to regulatory and shareholder consent.
Officers and directors of Jiminex were granted 1,225,000 incentive stock options. These incentive stock options are exercisable at $0.15 with an expiry date of February 3, 2015. There is an eighteen month vesting period, which includes a four month hold period expiring on June 4, 2010.
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. At present, the company's main exploration activity will be on the Parres and Parres Two properties 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 World-Class 21 million ounce Hemlo gold deposit currently being mined by Barrick Gold Corp. Jiminex's Northern Eagle Property is considered one of the best target areas in which to locate another Hemlo-style gold deposit. The Misehkow River Property located in the Pickle Lake gold region of Ontario presents an opportunity to locate iron formation hosted gold deposits over a large target area of approximately 20 kilometres. Jiminex is actively seeking to locate and acquire new high potential gold exploration properties.
Allan J. Willy, P. Eng., VP Exploration & Director of Jiminex Inc. is the qualified person responsible for the geotechnical content of this news release.
This release may contain forward-looking statements that are based on beliefs of its management as well as assumptions made by and information currently available to management of the Company. When used in this release, the words "estimate", "believe", "anticipate", "intend", "expect", "plan", "may", "should", "will", and the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current views of the Company with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in this release. The statements contained in this release speak only as of the date hereof. The Company undertakes to inform shareholders and to update forward-looking statements if circumstances or management's estimates or opinions should change in a material way.
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: email@example.com, Website: http://www.jiminex.com