GEODEX MINERALS LTD (WKN: 865732) GOOD NEWS
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Hunter Dickinson Group Options Sisson Brook Tungsten-Molybdenum
Project, NB, For $17 Million in Expenditures
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Includes $1 Million Private Placement at $0.30 per Share
Geodex Minerals Ltd. (TSX-V:GXM), (the "Company" or "Geodex") is pleased to announce that Northcliff Exploration Ltd. ("Northcliff") of the Hunter Dickinson group has signed an agreement to acquire a 70% interest in the Company's Sisson Brook tungsten-molybdenum project ("Sisson Brook Project") in New Brunswick, Canada.A letter agreement has been executed and a definitive agreement between the companies will be completed and announced in the next few weeks.
Pursuant to the terms and conditions of the letter agreement, Northcliff, a private company controlled by Hunter Dickinson Inc., has acquired a 70% interest in the Sisson Brook Project, subject to funding expenditures of up to $17 million, and Northcliff and Geodex will establish the Sisson Brook Development Joint Venture to advance the Sisson Brook Project. Northcliff's expenditures include the completion of a $1 million private placement in Geodex at $0.30 per share, a 160% premium to the closing price on August 30th, 2010. The private placement funds will be used for general working capital purposes that Geodex will apply to its ongoing operations to create further value for its shareholders, now including Northcliff and Hunter Dickinson Inc.
Northcliff will retain its 70% Sisson Brook interest by funding the $1 million private placement as well as incurring the lesser of $16 million in development and feasibility expenditures, or the total expenditures required to commence mine construction to place the Sisson Brook Project into commercial production. In addition, as operator, Northcliff will seek to obtain the Sisson Brook project debt funding for mine construction and startup. Geodex will retain a 30% interest in the project.
As part of the agreement, Geodex has also completed the purchase of an additional 14% indirect interest in the Sisson Brook Project (4.2 million shares of Champlain Resources Inc., a private Nova Scotia-based company) for cash consideration of $550,000 and a 100% interest in Geodex's wholly owned Armstrong Brook gold project (at a deemed value of $200,000). The cash consideration paid will be reimbursed by Northcliff as part of Northcliff's Sisson Brook Project expenditure funding. Acquisition of the 14% of the indirect interest brings Geodex's ownership of Sisson Brook to approximately 99.9%. The Company is also proceeding to acquire the final outstanding less than 0.1% indirect interest in the Sisson Brook Project. Through these transactions, Geodex will own 100% of the Sisson Brook Project with no underlying royalties prior to the transfer of the 70% of the Sisson Book Project to Northcliff.
The Sisson Brook deposit hosts mineral resources estimated as tabulated below at a 0.1% WO3 equivalent1 cutoff (see December 17, 2009 news release for further details). There is potential to both expand and upgrade these mineral resources with additional drilling.
Sisson Brook Mineral Resources -- December 2009
Combined Zone III and Ellipse Zone Deposits
Category Tonnes % WO3 % Mo % WO3 EQ
Measured 28,800,000 0.097 0.034 0.167
Indicated 148,600,000 0.094 0.030 0.155
Measured
+ Indicated 177,400,000 0.094 0.031 0.157
Inferred 69,000,000 0.086 0.033 0.153
%WO3 equivalent = %WO3 + (%Mo x 2.02); metal prices are US$9.00/lb for WO3, US$15/lb for Mo; recoveries are 70% for WO3, 85% for Mo
Robert Dickinson, Chairman of Hunter Dickinson said "The Sisson Brook Project is very attractive for both open-pit development potential and its location in a secure and mining-friendly jurisdiction. It is well suited to the mining development strengths we have developed at Hunter Dickinson over the past 25 years."
Jack Maris, Chairman of Geodex commented "We are looking forward to working with Hunter Dickinson's very capable group to build a tungsten and molybdenum mine that could supply a significant portion of the world's annual tungsten production. The team at Geodex is happy to see its work over the past number of years come to fruition with a more assured development plan for the future."
The transactions disclosed in this news release are subject to regulatory approval.
David Martin, B.Sc., P.Geo., CGA, Geodex's Vice President, New Brunswick, is a qualified person under NI 43-101 and is responsible for the design and conduct of the programs carried out by the Company on the Sisson Brook project.
ON BEHALF OF THE BOARD OF DIRECTORS
GEODEX MINERALS LTD.
Mark Fields
President & CEO
For further information, please contact Investor Relations:
Mr. Erick Bertsch
(604) 689-7771, Toll free 1-888-999-3500
Visit our website at www.geodexminerals.com
Forward Looking Statement
Certain information regarding the Company contained in this press release may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, opinions, forecasts, projections or other statements that are not statements of fact. Although the Company believes that expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. The Company cautions that actual performance will be affected by a number of factors, many of which are beyond the Company's control, and that future events and results may vary substantially from what the Company currently foresees.
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Copyright (c) 2010 GEODEX MINERALS LTD. (GXM) All rights reserved.
For more information visit our website at http://geodex.pubco.net/ or
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Message sent on Tue Aug 31, 2010 at 2:25:57 PM Pacific Time
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bin vor zwei Jahren hier eingestiegen und habe nur einen langsamen Abstieg beobachten dürfen. Nun belebt sich die Aktie aber wieder. Weis einer warum genau. Sind das die Ausfuhrreduzierungen Chinas ?
in drei Monaten hat sich der Kurs verdreifacht, und die Nachrichten sind wirklich gut. Nur weiter so, dann habe ich meinen Einstiegskurs wieder erreicht.
dear, danke für den Hinweis, es sind aber immerhin über 500 Seiten. Mache mich also für den Rest des Monats mal an die drei Exposes
Re: News - Monday, October 25, 2010
Hunter Dickinson's Northcliff Finalizes Sisson Brook
Tungsten-Molybdenum Project JV For $17 Million in Expenditures
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$1 Million Private Placement at $0.30 per Share
Geodex Minerals Ltd. (TSX-V:GXM), (the "Company" or "Geodex") is
pleased to announce that Northcliff Exploration Ltd. ("Northcliff") of
the Hunter Dickinson group has signed the Sisson Brook Joint Venture
Agreement to acquire a 70% interest in the Company's Sisson Brook
tungsten-molybdenum project ("Sisson Brook Project") in New Brunswick,
Canada as per Geodex's August 31st, 2010 press release.
Northcliff, a private company controlled by Hunter Dickinson Inc. ("HDI"), has acquired a 70% interest in the Sisson Brook Project, subject to funding expenditures of up to $17 million. Northcliff's expenditures include the completion of a $1 million private placement in Geodex at $0.30 per share, a 160% premium to the closing price on August 30th when the proposed transaction was first announced. The private placement will close within 5 business days. The funds will be used for general working capital purposes, excluding Sisson Brook.
Northcliff will retain its 70% interest in the Sisson Brook Project by funding the $1 million private placement as well as incurring the lesser of $16 million in development and feasibility expenditures, or the total expenditures required to prepare a feasibility study and to commence mine construction as contemplated therein. In addition, as operator, Northcliff will seek to obtain Sisson Brook Project financing for mine construction and startup. Geodex has successfully acquired all other ownership interests and there are no royalties or other ownership interests with respect to the Sisson Brook Project. The ownership of Sisson Brook will therefore be Northcliff 70% with Geodex retaining a 30% interest.
Sisson Brook is the only mineral property asset in Northcliff, a private company managed and 41% owned by HDI. HDI has a strong track record established over the past 25 years of locating, developing, constructing and operating mines globally. HDI--affiliated companies include Northern Dynasty Minerals Ltd., with the large Pebble copper-gold project located in Alaska, and Taseko Mines Limited, which operates the Gibraltar copper mine located in British Columbia. These operations demonstrate HDI's expertise in large, bulk tonnage operations such as Sisson Brook. This will be a significant strength as Northcliff advances Sisson Brook through the next phase of development toward the preparation of a feasibility study for mine construction and development. More information about HDI and Northcliff can be found at www.hdimining.com.
We anticipate that the initial program and budget under the joint venture will be announced within the next month.
Robert Dickinson, Chairman of HDI, said "Early in my career I spent considerable energy on developing tungsten projects in British Columbia. I am pleased to return to the tungsten industry at a critical juncture in the industry's evolution as the tungsten price continues to rise and a secure supply source such as New Brunswick becomes increasingly vital to the global industry."
Jack Maris, Chairman of Geodex commented "Sisson Brook has been an important discovery, for Geodex and for New Brunswick. The Northcliff agreement sets Sisson Brook on a clear development path towards the opening of a new Canadian mine."
Final TSX-V approval has been received for Geodex's joint venture and private placement with Northcliff.
ON BEHALF OF THE BOARD OF DIRECTORS
GEODEX MINERALS LTD.
Mark Fields
President & CEO
hier wirds noch unglaublicher...in naher zunkuft...mitte novemver wird diese aktie so richtig abgehen...und das mit recht....)
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freue mich trotz des kleinen Rücksetzers heute. Muss auch mal sein damit hier nichts überhitzt und schön weiter gen Norden geht.
Lest euch das mal durch. Da taucht mehrmals (für mich im Zusammenhang mit Geodex absolut neu) der Begriff rare earth elements ("REE") auf.
Dabei wären wir doch wahrscheinlich schon mehr als zufrieden, wenn das Sisson joint venture gut vorankommt.
Zeitlich weniger aufwändig kann man hierzu unter folgendem Link erstaunliches nachlesen
http://www.northcliffexploration.com/i/pdf/2011-01-19_NR.pdf
Zusammengefasst: Northcliff soll mittels Aktientausch gänzlich in den Besitz der Cabre Capital übergehen. Diese ist eine an der TSX Venture Exchange notierte sogenannte "Capital Pool Company". Das heißt so viel wie, dass die als Wundertüte ein IPO gemacht haben und nach einer von der Börse vorgegebenen Frist diese Wundertüte mit Leben erfüllen müssen. Das wollen die jetzt mit dem Kauf der Northcliff in Gang bringen.Wenn es klappt, haben die dann indirekt den 70%-Anteil am Sisson joint venture erworben. Jetzt kommt es noch besser. Parallel zum Abschluss der Akquisition und Genehmigung seitens der Börse will Cabre oder Northcliff ein Private Placement im Gegenwert von mindestens 10 Mio CAD machen, um die Geschäfte der Northcliff zu finanzieren.
Es wird erwartet, dass im Anschluss an die Akquisition der sich dann bildende "Board"
von vier auf fünf Personen erhöht wird und diesem "Board" Robert A. Dickinson als Direktor und Vorsitzender vorsteht!!
Wenn ich das alles richtig deute, bringt sich Dickinson mehr denn je in das Sisson-Projekt ein, Northcliff wird de fakto börsennotiert und kann sich künftig bei Bedarf und entsprechendem Fortschreiten des Sisson Projekts über die Börse Kapital beschaffen!!!
Für uns Geodex- Aktionäre wäre das eine runde Sache.