Geologix's Tepal Project Receives Permit Approval
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 8, 2014) - Geologix Explorations Inc. ("Geologix" or the "Company") (TSX:GIX)(FRANKFURT:GF6)(BERLIN:GF6)(STUT:GF6)(MUN:GF6) is pleased to announce that the Mexican Secretariat of Environment and Natural Resources has issued the Company's wholly-owned subsidiary, Geologix Explorations Mexico S.A de C.V., a resolution approving the Environmental Impact Statement and Risk Assessment pertaining to the Company's application for the development of its 100% owned Tepal Project in Mexico.
"We are very pleased to receive this resolution, which marks a crucial milestone in the path towards Tepal's development," stated Dunham Craig, Geologix's President and CEO. "This approval cements our confidence in the results of our Pre-Feasibility Study, further confirming Tepal's potential. The knowledge that our mining plan meets the satisfaction of Mexico's regulatory agency will allow us to conduct our Feasibility Study with greater cost efficiency. Our intention is to move towards completing this Feasibility Study as soon as we reach an appropriate financing agreement, an objective that will benefit from be this approval."
"While I am optimistic that we will secure this financing within the near future, we remain committed to finding a source of funding that is aligned with our long-term objectives and shareholder interests. Over the course of 2013, Geologix rejected several financing offers as we considered the terms not to be in alignment with these objectives. While each of these rejections represented a difficult decision, we are resolved to protect the interests of our shareholders with suitable financing."
On behalf of the Board of Directors,
Dunham Craig, President & CEO
About Geologix
Geologix Explorations Inc. is a mineral exploration and development company focused on acquiring, exploring, and developing mineral resource opportunities with the potential to host profitable mining operations. The Company's primary focus is the Tepal Gold-Copper Porphyry Project in Michoacán state, Mexico. In March 2013, the Company announced a Prefeasibility Study for the Project that indicated an 11.5 year mine life with payable production of 1.12 M oz. gold and 503 M lbs., resulting in a post-tax NPV of $421 million at a 5% discount rate. The positive results of this study have led the Company to continue to work towards both completing a Feasibility Study for the Project and arranging the necessary financing to advance the Project to production.
This Press Release contains statements which constitute 'forward-looking, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including the Company's Annual Information Form and quarterly and annual Management's Discussion & Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.