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Margaux Resources elected to terminates its option agreement with Apex Resources

Mining News - Published on Mon, 08 Oct 2018

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Margaux Resources Ltd, a mineral acquisition and exploration company focused on gold and zinc exploration, has elected to terminate the option agreement on the Jersey-Emerald property in southern British Columbia. Margaux entered into the option agreement with Apex Resources Inc, formerly Sultan Minerals Inc. in 2013. The ongoing monthly option payments to Apex of USD 50,000 (which will increase to USD 100,000 monthly payments on January 1, 2019 until a total of USD 4.02 million has been paid to Apex) were determined by Margaux's board of directors to be unjustifiable in light of current market conditions and metal prices, and no longer in the best interest of the Company's shareholders. Going forward, the Company will continue gold and zinc exploration at targets identified on properties that have been amassed in the Salmo area, outside of the originally optioned Jersey-Emerald property.

Mr Tyler Rice, President and CEO for Margaux Resources stated "After careful consideration, the Company has decided for strategic reasons to focus on our gold and zinc properties in the surrounding areas, while at the same time considering other opportunities. Our 2018 exploration programs on the Jackpot zinc and Bayonne gold properties have identified high-quality drill targets and successfully advanced these projects. The results from our 2018 Bayonne drill program have been received and are currently being compiled for release in the near future. We continue to be encouraged by our exploration in the region and believe that Margaux shareholders will enjoy a more positive outcome with our change in direction and strategy."

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Posted By : Joykumar Irom on Mon, 08 Oct 2018
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