Plexmar Resources Inc./Malin Plant Services Contract: First Milestone Reached
QUEBEC CITY, QUEBEC -- (Marketwire) -- 08/03/10 -- Plexmar Resources Inc. (TSX VENTURE: PLE) is pleased to announce that it has been informed by Iimpul Peru S.A.C. that the first milestone of the services contract signed on last July 12 (See press release of July 12 2010), has been reached; the Malin plant has processed at least 50 metric tons per day for ten (10) consecutive days.
For completing this first milestone, Plexmar has committed to pay to Iimpul as success fee, 50% of the total value of the services contract representing an amount equivalent to $397,855 CND, payable by the issuance in favour of Iimpul of 3,978,550 Plexmar common shares.
Securities issued as part of this services contract are subject to a four-month hold period under applicable securities legislation.
Plexmar signed a services contract on July 12 2010 with Iimpul Peru S.A.C. to provide continuous feed to the Malin plant.
The Malin is being operated through a 50-50 joint venture with J&M Business SAC. The plant has an installed capacity of 100 tonnes per day to process gold ores and 100 tonnes per day to process copper sulphides.
This transaction is subject to approval from the TSX Venture Exchange and regulatory authorities. 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.
This press release includes certain statements that may be deemed 'forward-looking statements'. All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.
192 M shares outstanding
Contacts:
Plexmar Resources Inc.
Guy Bedard, president
418-658-6776 ext.107
www.plexmar.com
Paradox Public Relations:
866-460-0408
514-341-0408