Geologix Explorations Inc Acquiring, exploring & developing gold properties in North and South America.
| February 25, 2009 |
| Geologix and CMQ Sign Exploration Agreement |
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 25, 2009) - Geologix Explorations Inc. (TSX:GIX) and CMQ Resources Inc. (TSX VENTURE:NV) ("CMQ") are pleased to announce that an Exploration and Option to Form a Joint Venture Agreement (the "Agreement") has been completed between Montezuma Mines Inc. ("Montezuma"), a subsidiary of CMQ, and Geologix (US) Inc. ("Geologix"), a subsidiary of Geologix Explorations Inc., on Geologix's South Sleeper project (RO Property). This Agreement replaces the letter of intent between the parties originally dated June 11, 2008.
Under the terms of the Agreement, Montezuma must spend $60,000 in respect of the RO Property on or before February 20, 2010. Any further expenditure amounts are at the election of CMQ but no interest is earned in the project by Montezuma until an aggregate US$3,000,000 has been expended. Montezuma may earn a 55% interest in the RO Property by funding US$3,000,000 in qualified expenditures over a five year period. Montezuma may then elect to earn an additional 10% interest by completing a bankable feasibility study. Following completion of a feasibility study, Montezuma may elect to earn an additional 5% by arranging financing at its expense for the project through to commercial production. Alternatively, Montezuma and Geologix may form a Joint Venture to further explore the project.
Geologix Explorations Inc. is a mineral exploration company focused on acquiring, exploring and developing mineral properties in North and South America.
CMQ is a mineral exploration company actively pursuing significant, exploration stage gold projects in northern Nevada.
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