Jan 27, 2009 17:00 ET
Vantex Receives $300,000 From Aurizon Mines Inc.
LA PRAIRIE, QUEBEC--(Marketwire - Jan. 27, 2009) - The management of Vantex Resources Ltd (TSX VENTURE:VTX) announces that, in accordance with the agreement signed with Aurizon Mines Ltd in January 2008, it has received the last cash payment of $300,000 for the acquisition by Aurizon Mines of the Heva property located near the Rouyn-Noranda airport and owned by Vantex.
However, once a positive feasibility is completed on the Joanna property, Aurizon Mines shall pay an advance royalty of $500,000 to Vantex and issue the equivalent of $200,000 in common shares of Aurizon to Vantex. A pre feasibility is currently underway and the results should be published towards the end of the second trimester of 2009.
Furthermore, in the eventuality of a commercial production on the Heva property, Aurizon Mines shall make an additional payment of $500,000 to Vantex and issue the equivalent of $250,000 in common shares of Aurizon. Vantex retains a royalty equivalent to 1.5% NSR on the project. Aurizon owns the right to buy back half of that royalty for a cash payment of $500,000.