Fax 250.860.1362 www.cantex.ca info@cantex.ca
CANTEX ANNOUNCES COMMENCEMENT OF OPTION AGREEMENT ON GOLD PROJECT
Kelowna, Canada - 10th February, 2012 - Cantex
Mine Development Corp. (CD : TSXV) (the "Company") is pleased
to provide a progress update on the option agreement with WCP
Resources Ltd. ("WCP") over the Al Hariqah project.
The Company is pleased to report that WCP has now completed
its due diligence process with respect to the Al Hariqah gold
project. No materially adverse issues were identified and WCP
has now formally notified the Company that it will proceed
with its two year option period in accordance with the terms
of the option agreement as announced on December 16,
2011.
WCP now has up to two years to exercise its option to farm-in
to the project. Upon exercise, and by meeting a series of
expenditure commitments, WCP will be able to progressively
earn up to a 70% interest in the project.
Al Hariqah is a near-surface gold deposit located 130km
northwest of Sana'a, Yemen. The Company has been granted
a new exploration licence over the project area under
recently introduced new mining laws. The new exploration
licence covers approximately 957km2 and is valid
for four years from the date of grant (January 17, 2012) with
the option for two further 4 year extensions (provided 50%
area relinquishment is carried out at the first
extension).
The new Yemen mining laws were drafted with assistance from
the World Bank so as to encourage new investment.
Importantly, the new mining laws have removed the option
enabling the government to purchase a 49% interest in the
project at market rates.
Limited drilling activities are continuing with results
expected to be released progressively over the coming 12
months.
Signed,
Charles Fipke
Charles Fipke
Chairman
For further information: Cantex Mine Development Corp, Tel:
+250-860-8582, Email: info@cantex.ca
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.
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Commencement of Option Agreement on Al Hariqah |