Equinox Purchases Mining Claims in Arizona - OCT 26, 2011
VANCOUVER, BRITISH COLUMBIA--(Marketwire -10/26/11)- Equinox Exploration Corp. ("Equinox") (TSX-V: EQX.V - News) is pleased to announce that it has signed an agreement ("Agreement") with NPX Metals Inc. ("NPX") for the purchase from NPX of an undivided 100% interest in 62 unpatented lode mining claims ("Claims") located in Pinal County, Arizona. The Claims extend over more than 1,200 acres approximately 15 miles southwest of Florence.
Pinal County is in the heart of a prolific copper producing region. Significant exploration has been performed by Kennecott Exploration, Magma Copper and Teck Cominco on the Claims in the past.
The terms of the Agreement, essential to the sale and purchase, are:
- Equinox is to issue 5,000,000 (five million) common shares to NPX.
- The issued shares are to be held in escrow and released, in agreed upon percentages, over 3 years commencing on the date the Agreement is signed and every 6 months thereafter.
- NPX is to receive a 3% Net Smelter Royalty ("NSR").
- Equinox has the option to purchase 2% of the NSR at a price of US $1,000,000 per 1% or US $2,000,000 for 2%.
"The purchase of the Claims puts us in the heart of copper country," says Joshua Bleak, President of Equinox. "This is an exciting place to be and we believe our North Star project has extraordinary potential. We look forward to the exploratory work ahead."
The foregoing is subject to regulatory approval.
On behalf of the Board of Directors of Equinox Exploration Corp.
Joshua Bleak, President
This news release includes certain statements that may be deemed "forward-looking statements". Forward-looking information includes, but is not limited to: statements with respect to the effect and estimated timeline of the drilling and assay results on the Company; the estimation of mineral reserves and mineral resources; the timing and amount of estimated future exploration; costs of exploration; capital expenditures; success of exploration activities; permitting time lines and permitting ; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; and title disputes or claims. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All statements in this release, other than statements of historical facts, including the likelihood of commercial mining and possible future financings 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 the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include: unsuccessful exploration results; changes in metals prices; changes in the availability of funding for mineral exploration; unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on the Company and the risks and challenges of its business, investors should review the Company's annual filings that are available at www.sedar.com.
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.