CALGARY,
Feb. 26, 2014 /CNW/ - CMQ Resources
Inc. (TSXV: NV) ("CMQ") today announced that Montezuma Mines
Inc., a subsidiary of CMQ ("Montezuma"), and Geologix (US)
Inc. ("Geologix") have executed a Purchase Agreement (the
"Agreement") in respect of the sale by Geologix of all
of its interest in the unpatented mining claims making up CMQ's
South Sleeper project (the "Property"). The Agreement
provides for a total purchase price for the Property of
US$400,000, which amounts have now
been paid by Montezuma. The Agreement reserves to Geologix a
mineral protection royalty equal to one percent of the net smelter
returns from production of minerals mined from the Property with an
option for Montezuma to purchase one-half of such royalty in the
future for a price of US$2,000,000. In connection with the
execution of the Agreement, the previously existing exploration
agreement in respect of the South Sleeper property has been
terminated. In order to fund the purchase price under the
Agreement Matco Investments Ltd. has provided CMQ with an unsecured
advance in the amount of Cdn$550,000,
which advance bears interest at a rate of 9%.
Additionally, CMQ is pleased to announce that
Montezuma has entered into an agreement with Miranda Gold Corp.
("Miranda") whereby Miranda has agreed to withdraw its
previously delivered notice of termination in respect of Miranda's
Red Canyon project and Miranda and Montezuma have agreed to the
terms of a joint venture agreement in respect of the Red Canyon
property. Such agreement is currently being finalized between
the parties.
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.
Forward-Looking Statements
This press release contains certain
forward-looking statements and forward-looking information
(collectively referred to herein as "forward-looking
statements") within the meaning of Canadian securities laws,
including with respect to the completion of a Joint Venture
Agreement with Miranda. All statements other than statements of
historical fact are forward-looking statements. Forward-looking
statements typically contain statements with words such as
"anticipate", "believe", "plan", "continuous", "estimate",
"expect", "intend", "may", "will", "shall", "project", "would",
"should", or similar words suggesting future outcomes.
Undue reliance should not be placed on
forward-looking statements, which are inherently uncertain, are
based on estimates and assumptions, and are subject to known and
unknown risks and uncertainties (both general and specific) that
contribute to the possibility that the future events or
circumstances contemplated by the forward-looking statements will
not occur. There can be no assurance that the plans, intentions or
expectations upon which forward-looking statements are based will
in fact be realized. Actual results will differ, and the difference
may be material and adverse to CMQ and shareholders.
Forward-looking statements are based on management's current
beliefs as well as assumptions made by, and information currently
available to, management. Though management considers these
assumptions to be reasonable based on information currently
available to it, they may prove to be incorrect. By their very
nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, and risks that
forward-looking statements will not be achieved. The
forward-looking statements contained in this press release are made
as of the date hereof and CMQ does not undertake any obligation to
update publicly or to revise any of the included forward-looking
statements, except as required by applicable law. The
forward-looking statements contained herein are expressly qualified
by this cautionary statement.
SOURCE CMQ Resources Inc.