Welcome!

Microsoft Cloud Authors: Dana Gardner, David Bermingham, Jayaram Krishnaswamy, Pat Romanski, Adine Deford

News Feed Item

Malbex Resources Inc. to Acquire the Los Guandules Verdes Exploration Concession in the Dominican Republic

TORONTO, ONTARIO -- (Marketwire) -- 01/25/13 -- Malbex Resources Inc. ("Malbex") (TSX VENTURE:MBG) is pleased to announce that it has entered into agreements that allow it to acquire control of the Los Guandules Verdes exploration concession in the Dominican Republic (the "Property"). The Property is immediately south of the Nieta Concession currently being explored by Unigold Inc. ("Unigold") (TSX VENTURE:UGD) and approximately 15 kilometres northwest of GoldQuest Corporation's (TSX VENTURE:GQC) La Escandalosa project. Like the Nieta and La Escandalosa concessions, Los Guandules Verdes concession is underlain by the mid-Cretaceous Tireo Group which is host to various zones of volcano sedimentary-related gold and copper-zinc-silver mineralization elsewhere in the Domincan Republic.

"We are extremely pleased to have been able to acquire this strategic property in an area that is quickly becoming the focus of mineral discoveries," stated Joe Hamilton, CEO of Malbex. "The Dominican Republic is both economically and politically stable and remarkably prospective for the discovery of new gold deposits. This property diversifies the Malbex exploration efforts and should provide shareholders with new opportunities for discovery. We will continue to advance our Argentinean Del Carmen concession through preliminary economic studies and updated resource calculations over the coming months while establishing new exploration programs in the Dominican Republic."

About the Property

The Los Guandules Verdes concession is located in the Central Cordillera of the Dominican Republic. The western boundary follows the international border with Haiti while the eastern boundary is approximately 300 metres from the Nalga de Maco National Park (Figure 1).

The Property contains the Cretaceous age Tireo Group rocks which are overlain to the southwest by a veneer of "flysch" type calcareous slates, limestones, sandstones and shales of the Peralta Formation (Figure 2). The Duarte Formation within the Tireo Group trends parallel on the northeast side of the property and consists of metabasalts, volcanic tuffs, amphibolites and schists. Further to the north, the Tireo Group is in contact with tonalite, diorite and gabbro intrusive bodies. In general, the Tireo Group consists of andesite and basalt volcanic and volcanoclastic rocks with lesser felsic volcanics and limestone. Dacite porphyry and smaller sinuous ultramafic bodies are found throughout the area.

The Tireo Group is host to volcanogenic sulphide deposits that are currently being drilled by Goldquest Mining Corp. at the Escandolosa Project and by Unigold Inc. at the Candelones Project. Previous work on the Property has included limited soil geochemical grids and some surface prospecting (Figure 2). Historic showings within the Nalga de Maco National Park appear to trend onto the concession but no modern exploration has been conducted to test the extent of these trends.

Malbex intends to commence a program of geological mapping, surface sampling and geophysics in order to quickly identify drill targets for later follow-up. Work programs in the Dominican Republic can be conducted throughout the year.

About the Transaction

The "Americana Transaction"

Malbex has completed a definitive agreement with the shareholders of Americana de Explotaciones Mineras S.R.L. ("Americana"), a Dominican private company, to acquire all of the issued and outstanding shares in the capital of Americana for a purchase price of RD$100,000 Dominican pesos (the "Americana Transaction"). Americana has an application pending for the Los Guandules Verdes concession. Malbex expects that this licence will be granted within the next six weeks.

The "Unigold Agreement"

The shareholders of Americana had previously granted Unigold the option to acquire all of the shares in Americana, or the Property licence, for nominal consideration. In connection with the acquisition of Americana, Malbex has entered into an agreement with Unigold (the "Unigold Agreement" and together with the Americana Transaction, the "Transaction") to cancel the outstanding option. In exchange for Unigold agreeing to consent to the acquisition by Malbex of all of the outstanding shares of Americana and to cancel the option, Malbex has agreed to issue to Unigold 13,000,000 common shares of Malbex and grant Unigold a 2% net smelter return royalty on the Property. Malbex can buy back half of the net smelter return royalty for $1 million (leaving Unigold with a royalty equal to 1% of net smelter returns). If Malbex identifies at least 2 million ounces of measured and/or indicated resources (based on a NI43-101 report) within the first 5 year term of the exploration concession, then Malbex must issue an additional 5,000,000 common shares to Unigold. All such common shares of Malbex which may be issued to Unigold pursuant to the Unigold Agreement will be subject to a hold period of four months from the time of the issue of such common shares.

Closing Conditions

The Unigold Agreement is subject to the granting of the Los Guandules Verdes concession licence by the Dominican government, and subject to final TSX-V approval.

The consideration to be paid pursuant to the Transaction, without considering the royalty or the "top-up" shares based on identified measured and/or indicated resources, is equal to approximately C$1.4 million based on the 20-day VWAP of Malbex shares prior to this announcement. Approximately $340,000 has been spent by Unigold to date on the Property in acquisition, geochemical and mapping campaigns. Management of Malbex considers the Property to be highly prospective for gold and copper mineralization based upon the close proximity to recent discoveries and the existence of mapped outcrops of Tireo Group rocks along strike from known mineralization. Further, the Property contains known geophysical and geochemical anomalies that will be scheduled for follow-up work as soon as possible. Closing of both the Americana Transaction and the Unigold Agreement are conditional upon receipt of shareholder approval of the Transaction and the consideration payable by Malbex in connection therewith, all of which is expected to be tabled for consideration and, if deemed appropriate, approval by shareholders at Malbex's upcoming annual and special shareholders meeting, which is expected to be scheduled in March, 2013.

The Transaction is considered to be a "non-arm's length" transaction within the meaning of the policies of the TSX-V due to the fact that Mr. Joe Hamilton is a common director of both Malbex and Unigold.

About Malbex

Malbex is a gold exploration company led by experienced management and directors with projects in Argentina. In April 2010, Malbex made a near-surface, gold- silver oxide discovery at Del Carmen, its lead project in Argentina. In September 2011, Malbex released the first-ever inferred mineral resource estimate calculated in accordance with National Instrument 43-101 for the Rojo Grande deposit at Del Carmen which measured 25.4 million tonnes grading 1.00 g/t gold and 13.3 g/t silver for 816,600 ounces of contained gold and 10.9 million ounces of contained silver. Heap-leach metallurgical recoveries from column tests were estimated between 75% and 85%. The Del Carmen project is located in the El Indio Gold Belt, which contains more than 35 million ounces of gold in current reserves and past production, including Barrick's Veladero mine and Pascua-Lama project. Preliminary economic assessments are underway for this project and an updated resource is expected to be published in by the end of June 2013. For more information, please visit www.malbex.ca.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, licence renewals and granting of concessions, spending commitments, future operations, results of exploration, anticipated financial results, future work programs, capital expenditures and objectives. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks identified in the Company's annual information form under the heading "Risk Factors". There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

To view the Figures associated with this press release, please visit the following link: http://media3.marketwire.com/docs/MBG-Figures.pdf.

Neither the 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...
Most people haven’t heard the word, “gamification,” even though they probably, and perhaps unwittingly, participate in it every day. Gamification is “the process of adding games or game-like elements to something (as a task) so as to encourage participation.” Further, gamification is about bringing game mechanics – rules, constructs, processes, and methods – into the real world in an effort to engage people. In his session at @ThingsExpo, Robert Endo, owner and engagement manager of Intrepid D...
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Learn how IoT, cloud, social networks and last but not least, humans, can be integrated into a seamless integration of cooperative organisms both cybernetic and biological. This has been enabled by recent advances in IoT device capabilities, messaging frameworks, presence and collaboration services, where devices can share information and make independent and human assisted decisions based upon social status from other entities. In his session at @ThingsExpo, Michael Heydt, founder of Seamless...
The IoT's basic concept of collecting data from as many sources possible to drive better decision making, create process innovation and realize additional revenue has been in use at large enterprises with deep pockets for decades. So what has changed? In his session at @ThingsExpo, Prasanna Sivaramakrishnan, Solutions Architect at Red Hat, discussed the impact commodity hardware, ubiquitous connectivity, and innovations in open source software are having on the connected universe of people, thi...
WebRTC: together these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at WebRTC Summit, Cary Bran, VP of Innovation and New Ventures at Plantronics and PLT Labs, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it may enable, complement or entirely transform.
There are so many tools and techniques for data analytics that even for a data scientist the choices, possible systems, and even the types of data can be daunting. In his session at @ThingsExpo, Chris Harrold, Global CTO for Big Data Solutions for EMC Corporation, showed how to perform a simple, but meaningful analysis of social sentiment data using freely available tools that take only minutes to download and install. Participants received the download information, scripts, and complete end-t...
For manufacturers, the Internet of Things (IoT) represents a jumping-off point for innovation, jobs, and revenue creation. But to adequately seize the opportunity, manufacturers must design devices that are interconnected, can continually sense their environment and process huge amounts of data. As a first step, manufacturers must embrace a new product development ecosystem in order to support these products.
Manufacturing connected IoT versions of traditional products requires more than multiple deep technology skills. It also requires a shift in mindset, to realize that connected, sensor-enabled “things” act more like services than what we usually think of as products. In his session at @ThingsExpo, David Friedman, CEO and co-founder of Ayla Networks, discussed how when sensors start generating detailed real-world data about products and how they’re being used, smart manufacturers can use the dat...
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT’s direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...