NGEx Sells Hambok Project in Eritrea to Bisha Mining Share Company
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VANCOUVER, BRITISH COLUMBIA, Aug 01, 2012 (MARKETWIRE via COMTEX) -- NGEx
Resources Inc.
<
http://www.marketwatch.com/investing/stock/NGQ?countrycode=CA&link=MW_story
_quote> CA:NGQ -5.56% ("NGEx" or the "Company") announces that it has
entered into an agreement (the "Agreement") with Bisha Mining Share Company
("Bisha") whereby Bisha will acquire the Company's Mogoraib Exploration
License which covers the Hambok copper-zinc deposit. Pursuant to the
Agreement Bisha will pay US$5,000,000 cash consideration on closing.
Additional cash consideration of US$7,500,000 will be payable contingent
upon the commencement of commercial production from the Mogoraib Exploration
License. The Agreement is subject to certain closing conditions, including
the approval of the transaction by the Government of Eritrea. It is expected
to close in the fourth quarter of 2012.
Bisha Mining Share Company is 60% owned by Nevsun Resources Ltd.
<
http://www.marketwatch.com/investing/stock/NSU?countrycode=CA&link=MW_story
_quote> CA:NSU -4.37%
<
http://www.marketwatch.com/investing/stock/NSU?link=MW_story_quote> NSU
-5.43% and 40% owned by Enamco (Eritrean National Mining Company) and
operates the Bisha gold-copper mine located approximately 16 kilometres from
the Hambok deposit.
On behalf of the board
Wojtek Wodzicki, President and CEO
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning
of applicable Canadian securities legislation, concerning the business,
operations and financial performance and condition of NGEx Resources Inc.
Forward-looking statements include, but are not limited to, statements with
respect to the estimation of commodity prices, mineral reserves and
resources, the realization of mineral reserve estimates, capital
expenditures, costs and timing of the development of new deposits, the
success of exploration activities, permitting time lines, currency exchange
rate fluctuations, requirements for additional capital, government
regulation of mining activities, environmental risks, unanticipated
reclamation expenses, title disputes or claims and limitations on insurance
coverage. Generally, these forward-looking statements 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 state that certain actions, events
or results "may", "could", "would", "might" or "will be taken", "occur" or
"be achieved" or the negative connotations thereof. All such forward-looking
statements are based on the opinions and estimates of the relevant
management as of the date such statements are made and are subject to
important risk factors and uncertainties, many of which are beyond the
Company's ability to control or predict.
Forward-looking statements are necessarily based on estimates and
assumptions that are inherently subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be materially
different from those expressed or implied by such forward-looking
statements, including but not limited to: risks and uncertainties relating
to, among other things, changes in commodity prices, currency fluctuation,
financing, unanticipated reserve and resource grades, infrastructure,
results of exploration activities, cost overruns, availability of materials
and equipment, timeliness of government approvals, taxation, political risk
and related economic risk and unanticipated environmental impact on
operations as well as other risks and uncertainties described under "Risks
Factors" in the Company's Annual Information Form available under the
Company's profile at www.sedar.com and the Company's website.
Although the Company has attempted to identify important factors that would
cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause results
not to be as anticipated, estimated, or intended. There can be no assurance
that such statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such statements.
All of the forward-looking statements contained in this document are
qualified by these cautionary statements. Readers should not place undue
reliance on forward-looking statements. Forward-looking statements are
provided for the purpose of providing information about management's current
expectations and plans and allowing investors and other to get a better
understanding of the Company's operating environment. The Company expressly
disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, events or
otherwise, except in accordance with applicable securities laws.
Contacts:
NGEx Resources Inc.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
ngexresources_at_namdo.com
Received on Wed Aug 01 2012 - 12:18:25 EDT
