Mexico: World's fastest developing mining countries
Santa Gertrudis - 720,000 ounces of gold : Mapped and identified six major project areas.
Message: Marketwire/Renegotia... Property Agreements/Sells Bacanuchi Prospect/etc
| May 7, 2009 | |
| Animas Renegotiates Property Agreements, Sells Bacanuchi Prospect, and Reduces Non Essential Land Holding | |
|
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 7, 2009) - Animas Resources Ltd. (TSX VENTURE:ANI) ("Animas" or the "Company") is pleased to report our continuing efforts to reduce costs and focus on the development and exploration activities in the Santa Teresa District. Renegotiation of Lopez/Limon Agreement Animas has signed an amendment to the option to purchase agreement with the owners of the Lopez-Limon concessions, which reduces the option payments for 2009 from US$400,000 to US$60,000 and extends the balance of payments to December 2011 by paying an additional US$150,000 in the final year. Renegotiation of MetalQuest Minerals Inc. ("MetalQuest") Agreement The Company has re-negotiated the MetalQuest agreement in April 2009 to structure a more beneficial arrangement for the Company and its shareholders. --------------------------------------------------------------------------
US$ (in cash or in common
shares at the option
of the Company) Shares
--------------------------------------------------------------------------
Immediately receiving the
approval from the TSX
Venture Exchange 254,454
--------------------------------------------------------------------------
January 31, 2010 $250,000 -
--------------------------------------------------------------------------
July 31, 2010 $250,000 -
--------------------------------------------------------------------------
January 31, 2011 $250,000 -
--------------------------------------------------------------------------
TOTAL: $750,000 254,454
--------------------------------------------------------------------------
In addition, subject to the TSX Venture Exchange's approval, the future payments in 2010 and 2011 will also have a minimum price and a maximum price of $0.50 and $1.00, respectively, for the common shares issued if the Company chooses to pay in common shares. Greg McKelvey, President of Animas, commented, "I am pleased to see all of our partners showing their long term commitment to the district by allowing Animas to direct more money into exploration efforts in the district this year. The Company will shortly release detailed drill, exploration, and development plans for the remainder of 2009 in conjunction with the NI 43-101 compliant geological report." Sale of Bacanuchi The Company has sold its Bacanuchi property to a private company for reimbursement of the Company's payment of the mining taxes in 2009. US$1 million will also be paid to Animas upon a feasibility being completed and a 5% NPI will be retained by Animas. Reduction in land holding costs The Company has also dropped non-essential land parcels along the western edge of the land holdings after field reviews suggested limited potential for extensions of gold mineralization known at Santa Gertrudis. Dropping these non-essential land parcels saves the Company thousands of dollars each year that can be focused towards drilling expenditures. Project generation, field mapping, and target identification are anticipated to be complete in the second quarter with a focused drilling program to follow. About Animas Resources Ltd. Animas Resources Ltd., a North American mineral resource company focused on acquisition and discovery in Latin America, has re-consolidated the Santa Teresa District's Santa Gertrudis gold deposits and prospects within a 562 square kilometer land holding. Our mission is to grow Animas Resources through discovery and acquisition of high quality mineral deposits and to build upon the historic gold resource base at Santa Gertrudis, Mexico, and maintain a pipeline of only the highest quality projects. This news release was prepared by Company management, who take full responsibility for its content. The technical disclosure in this press release has been reviewed by Dr. Roger Steininger, a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators. Gregory E. McKelvey, President & Director |
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