|By Marketwired .||
|January 25, 2013 02:01 PM EST||
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.
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.
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.
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
May. 28, 2015 11:15 PM EDT Reads: 2,233
The recent trends like cloud computing, social, mobile and Internet of Things are forcing enterprises to modernize in order to compete in the competitive globalized markets. However, enterprises are approaching newer technologies with a more silo-ed way, gaining only sub optimal benefits. The Modern Enterprise model is presented as a newer way to think of enterprise IT, which takes a more holistic approach to embracing modern technologies.
May. 28, 2015 11:00 PM EDT Reads: 6,037
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impact.
May. 28, 2015 09:00 PM EDT Reads: 4,952
There's no doubt that the Internet of Things is driving the next wave of innovation. Google has spent billions over the past few months vacuuming up companies that specialize in smart appliances and machine learning. Already, Philips light bulbs, Audi automobiles, and Samsung washers and dryers can communicate with and be controlled from mobile devices. To take advantage of the opportunities the Internet of Things brings to your business, you'll want to start preparing now.
May. 28, 2015 07:00 PM EDT Reads: 5,814
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect at Hookflash, will walk through the shifting landscape of traditional telephone and voice services ...
May. 28, 2015 03:00 PM EDT Reads: 4,380
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
May. 28, 2015 02:00 PM EDT Reads: 4,872
The world is at a tipping point where the technology, the device and global adoption are converging to such a point that we will see an explosion of a world where smartphone devices not only allow us to talk to each other, but allow for communication between everything – serving as a central hub from which we control our world – MediaTek is at the heart of both driving this and allowing the markets to drive this reality forward themselves. The next wave of consumer gadgets is here – smart, connected, and small. If your ambitions are big, so are ours. In his session at @ThingsExpo, Jack Hu, D...
May. 28, 2015 02:00 PM EDT Reads: 686
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
May. 28, 2015 01:00 PM EDT Reads: 6,214
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, June 9-11, 2015, at the Javits Center in New York City. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be
May. 28, 2015 12:15 PM EDT Reads: 2,102
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
May. 28, 2015 12:00 PM EDT Reads: 1,721
SYS-CON Events announced today that MetraTech, now part of Ericsson, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Ericsson is the driving force behind the Networked Society- a world leader in communications infrastructure, software and services. Some 40% of the world’s mobile traffic runs through networks Ericsson has supplied, serving more than 2.5 billion subscribers.
May. 28, 2015 12:00 PM EDT Reads: 1,418
SYS-CON Events announced today that O'Reilly Media has been named “Media Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York City, NY. O'Reilly Media spreads the knowledge of innovators through its books, online services, magazines, and conferences. Since 1978, O'Reilly Media has been a chronicler and catalyst of cutting-edge development, homing in on the technology trends that really matter and spurring their adoption by amplifying "faint signals" from the alpha geeks who are creating the future. An active participa...
May. 28, 2015 11:30 AM EDT Reads: 689
We’re entering a new era of computing technology that many are calling the Internet of Things (IoT). Machine to machine, machine to infrastructure, machine to environment, the Internet of Everything, the Internet of Intelligent Things, intelligent systems – call it what you want, but it’s happening, and its potential is huge. IoT is comprised of smart machines interacting and communicating with other machines, objects, environments and infrastructures. As a result, huge volumes of data are being generated, and that data is being processed into useful actions that can “command and control” thi...
May. 28, 2015 11:15 AM EDT Reads: 650
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.
May. 28, 2015 11:08 AM EDT Reads: 552
There's Big Data, then there's really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines...
May. 28, 2015 10:00 AM EDT Reads: 4,167
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists will peel away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you'll have no problem fil...
May. 28, 2015 10:00 AM EDT Reads: 1,847
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
May. 28, 2015 09:00 AM EDT Reads: 2,492
The worldwide cellular network will be the backbone of the future IoT, and the telecom industry is clamoring to get on board as more than just a data pipe. In his session at @ThingsExpo, Evan McGee, CTO of Ring Plus, Inc., discussed what service operators can offer that would benefit IoT entrepreneurs, inventors, and consumers. Evan McGee is the CTO of RingPlus, a leading innovative U.S. MVNO and wireless enabler. His focus is on combining web technologies with traditional telecom to create a new breed of unified communication that is easily accessible to the general consumer. With over a de...
May. 28, 2015 06:00 AM EDT Reads: 4,748
Disruptive macro trends in technology are impacting and dramatically changing the "art of the possible" relative to supply chain management practices through the innovative use of IoT, cloud, machine learning and Big Data to enable connected ecosystems of engagement. Enterprise informatics can now move beyond point solutions that merely monitor the past and implement integrated enterprise fabrics that enable end-to-end supply chain visibility to improve customer service delivery and optimize supplier management. Learn about enterprise architecture strategies for designing connected systems tha...
May. 28, 2015 05:00 AM EDT Reads: 5,924
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, a...
May. 28, 2015 04:00 AM EDT Reads: 6,376