Source: ETF Securities
Canamex Provides Update on Drilling Campaign at Bruner Gold Project
Canamex Provides Update on Drilling Campaign at Bruner Gold Project, Nye County, Nevada
Momentum Public Relations
Press Release: June 21, 2017
Vancouver, British Columbia–(Newsfile Corp. – June 21, 2017) – Canamex Resources Corporation (TSXV: CSQ) (“Canamex” or the “Company“) is pleased to provide the following update on the Company’s current drilling campaign at its 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Bruner Gold Project in Nye County, Nevada.
As outlined in its news release of May 30, 2017, Canamex intends to drill approximately 3,000 metres of reverse circulation drilling in 18-20 drill holes. Ten to twelve holes are scheduled to be drilled at the north end of the Historic Resource Area, with the remaining six to eight holes to be drilled at the Penelas target area.
The Company confirms that this drilling campaign recently started at Bruner. To date, the program is going well and Canamex has completed three holes and is currently drilling the fourth hole in the Penelas resource area. Drill samples from the first two holes have been sent to the lab for analysis, and samples from the third hole will be delivered shortly. The Company anticipates a minimum of a four to five-week turnaround for assay results, the results of which will be released to shareholders and the investing public upon Canamex receiving and reviewing this information.
Drill samples will be transported by independent contractor to the ALS Minerals sample preparation facility in Sparks, Nevada, where they will be dried, crushed, split and pulverized and from whence a representative sample split of pulps will be sent to the ALS Minerals analytical facility in Vancouver, BC for gold and silver fire assays.
Successful drilling results will be followed by any necessary permit amendments and continued drilling.
Readers are advised to consult the Company’s news release issued on May 30, 2017 for more detailed information on the current drilling campaign.
Greg Hahn, President and COO and a Certified Professional Geologist (#7122) is the Qualified Person under NI43-101 responsible for preparing and reviewing the technical data contained in this press release.
ON BEHALF OF THE BOARD
SIGNED: “Mark Billings“
Mark Billings, Chief Executive Officer
Phone: (514) 296-1641; mbillings@canamex.us
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, and the TSX Venture Exchange has in no way passed upon the merits of the transactions herein.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. Forward-looking statements in this news release include statements in relation to the timing, cost and other aspects of the planned future programs on the Bruner property; and other future plans, objectives or expectations of the Company. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include the risk that actual results of current and planned exploration activities, including the results of the Company’s planned future drilling program(s) on the Bruner property, will not be consistent with the Company’s expectations; the geology, grade and continuity of any mineral deposits and the risk of unexpected variations in mineral resources, grade and/or recovery rates; fluctuating metals prices; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; uncertainties involved in the interpretation of drilling results and geological tests; availability of capital and financing required to continue the Company’s future exploration programs and preparation of geological reports and studies; delays in the preparation of geological reports and studies; the metallurgical characteristics of mineralization contained within the Bruner property are yet to be fully determined; general economic, market or business conditions; competition and loss of key employees; regulatory changes and restrictions including in relation to required permits for exploration activities (including drilling permits) and environmental liability; timeliness of government or regulatory approvals; and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions, including that the Company’s future exploration programs will proceed as planned and within budget. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.
- Published in Canamex Resources Corp., Mining, News Home
Canamex Announces Resignation of Jeb Handwerger from Board of Directors
Canamex Announces Resignation of Jeb Handwerger from Board of Directors
Momentum Public Relations
Press Release: June 5, 2017
Vancouver, British Columbia–(Newsfile Corp. – June 5, 2017) – Canamex Resources Corp. (TSXV: CSQ) announces that Jeb Handwerger has resigned from the Board of Directors of the Company, effective today. Mr. Handwerger resigned from the Board of Canamex in order to focus his efforts on his other professional commitments.
Mark Billings, Chairman and CEO of Canamex, comments, “Although we are sad to see Jeb leaving our board, we are very grateful for his contributions over the past year and a half. He was very involved in helping Canamex secure additional financing in the fall of 2015, which enabled our Company to complete the purchase of the 26 lode patented mining claims at the Bruner Gold Property. Since then, we completed two additional rounds of financing, which involved these parties introduced to us by Jeb. As a result, Canamex was recently able to negotiate the buy-out of the 30{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} interest in the Bruner Gold Property from Patriot Gold, so that our Company is now the sole owner of this project. Although Jeb will be leaving our board, he has indicated that he will remain an advisor to our Company. In this new capacity, I continue to welcome his input in advancing our Bruner Gold Property in Nye County, Nevada.”
With the resignation of Jeb Handwerger, the Board of Directors of the Company includes the following five individuals:
Mark Billings: Chief Executive Officer, Chairman and Director
Gregory Hahn: President, Chief Operating Officer and Director
Dean McDonald: Director
Mike Stark: Director
Frank Högel: Director
ON BEHALF OF THE BOARD
SIGNED: “Mark Billings“
Mark Billings, CEO and Chairman
Contact: (514) 296-1641, mbillings@canamex.us
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.
- Published in Canamex Resources Corp., Mining, News Home
Warren Buffett Hates Gold… But Here’s Five Reasons You Need To Own It
Warren Buffett Hates Gold… But Here’s Five Reasons You Need To Own It
In a 1998 speech at Harvard, legendary investor Warren Buffett shared his thoughts on gold:
“[Gold] gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again, and pay people to stand around guarding it. It has no utility.”
Buffett is correct—gold doesn’t produce earnings or pay dividends. There are, however, some good reasons gold should be an essential part of every investor’s portfolio.
#1: Real Interest Rates Are Still Negative
Even with the Fed raising nominal interest rates, real rates—that is, the nominal interest rate minus inflation—are still in negative territory. And real rates are what really matters to your portfolio.
In the first quarter of 2017, inflation averaged 2.57{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}.
Today, a one-year bank CD pays about 1.4{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}. Therefore, to keep all of your money in a bank account means to watch your purchasing power erode.
Of course, there are other options. You can put your money in U.S. Treasuries or dividend-paying stocks. However, with the 10-year Treasury yield hovering around 2.25{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} and the average dividend yield for a company on the S&P 500 at 2.33{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}, you would still be in negative territory.
Gold is known as the yellow metal with no yield, but simple math tells us no yield is better than a negative one. In fact, real interest rates are a major determinate of which direction the price of gold moves in.
So, gold will protect your capital from the eroding forces of negative rates… and help it grow at the same time.
#2: The Dollar’s Value Has Collapsed
The U.S. dollar may be rising against other currencies like the euro and yen. Nonetheless, in the last 50 years, its purchasing power has fallen by 86{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}.
As this chart shows, keeping your savings in cash is a poor wealth-building strategy. On the other hand, gold has more than kept up with inflation. Since 1972—the first year private ownership of gold became legal again—the price of gold has increased by 2,400{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}.
#3: Gold Is Money
Why has gold retained its value while fiat currencies have fallen? It’s because gold is money.
2,000 years ago, Greek philosopher Aristotle theorized that any sound form of money must be: durable, portable, divisible, and have intrinsic value.
Gold has all these characteristics— that’s why it has proven to be a long-term store of value. Fiat currencies like the dollar cannot be considered money as they don’t have intrinsic value.
In other words, gold is payment in and of itself, but the dollar is only a promise to pay.
#4: Negative Correlation to Stocks and Bonds
The world’s largest asset manager, BlackRock, pointed out recently that in the last decade, the correlation between stocks and bonds has been at almost double its long-term average.
Therefore, a portfolio comprised of 60{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} stocks/40{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} bonds no longer offers investors adequate diversification. Sure, it’s great when markets are rising—but when the tide turns, that’s going to be a problem.
To keep all your eggs “out of one basket”—buy gold. Recently, the correlation between gold and the S&P 500 stood at its second-lowest level in over 30 years. That’s also the case with gold and bonds.
#5: No Counterparty Risk
Gold is one of the few assets that has no counterparty risk. What does that mean?
No counterparty risk means that once you have physical gold in your possession, you don’t depend on someone else to fulfill a contract or keep a promise for it to retain its value.
Stocks, bonds, ETFs—essentially all paper assets require another party to make good on their end of the deal. Physical gold’s value does not hinge on someone else’s obligation to pay.
Aside from being a long-term store of value and diversification tool, there’s another reason you should buy gold.
Bonus Round: A Profitable Portfolio
Since the beginning of 2017, gold is up over 10{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}, making it one of the best-performing assets of the year. And this is no anomaly.
Since late 2015, gold has outperformed the S&P 500 by 30{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}. In fact, gold has been the best-performing asset class since the turn of the millennium.
Not only will gold preserve your wealth and insulate your portfolio from market sell-offs, it can earn you a profit at the same time.
Given the negative real rates, a falling dollar, and heightened correlation between stock and bonds, gold should be an essential part of every investor’s portfolio today.
Get A Free Ebook On Precious Metals Investing
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By Stephen McBride
- Published in Blog, Canamex Resources Corp., Mining, News Home
Canamex Resources shareholders re-elect six directors
Canamex Resources shareholders re-elect six directors
– Momentum Public Relations –
Press Release: March 14, 2017
Mr. Mark Billings reports
CANAMEX ANNOUNCES ALL MATTERS APPROVED AT AGM HELD ON MARCH 6, 2017
All matters were approved by shareholders at Canamex Resources Corp.’s annual general meeting held on March 6, 2017. Accordingly, the directors and officers of the company remain as follows:
- Mark Billings as chief executive officer, chairman and director;
- Gregory Hahn as presdient, chief operating officer and director;
- Jeb Handwerger as director;
- Frank Hogel as director;
- Dean McDonald as director;
- Mike Stark as director;
- Richard Barnett as secretary and chief financial officer.
© 2017 Canjex Publishing Ltd. All rights reserved.
- Published in Canamex Resources Corp., Mining, News Home
Canamex obtains Bruner subsurface water right extension
CANAMEX GRANTED EXTENSION FOR SUBSURFACE WATER RIGHT FOR BRUNER GOLD PROJECT, NEVADA
Canamex Resources Corp. has provided the following update. The Nevada Division of Water Resources has granted Canamex Resources U.S. Inc. an extension through 2017 for a subsurface water right for the Bruner gold project located in Nye county, Nevada.
The water right application for beneficial use, submitted back in April, 2014, has been approved by the state engineer of Nevada, and Canamex Resources U.S. had been granted a water right for mining purposes for 0.78 cubic foot per second, or 350 gallons per minute, on the west side of the Bruner property in early 2015. This water right was due to expire if not perfected, and the company sought and was granted a one-year extension to perfect the water right. This right, when coupled with the 0.1 cubic foot per second (50 gallons per minute) that comes with the patented ground and the well location on the east side of the property, provides the company a total of 400 gallons per minute of beneficial use for mining purposes. This should be sufficient water for development of up to an 8,000-tonne-per-day initial heap-leach operation.
The company has to complete a well at the permitted location by Dec. 30, 2017, in order to perfect the water right, and then place the well into beneficial use by Dec. 30, 2018. The company plans to develop the water rights to be able to support the continuing exploration drilling effort in advance project development. The company has permitted a new well site with the BLM for the well that covers the existing water right, and will commence permitting of a well site that goes with the recently granted water right announced herein. The reclamation bond requirement for the new well site at the old water right is $1,400, and has to be posted before water well drilling begins. It is assumed the reclamation bond for the well site to perfect the new water right will be similar.
Statement by president Greg Hahn
“The issuance of sufficient water rights for an initial heap-leach operation at Bruner follows the company’s plan of anticipating development needs for the project and paralleling resource development and project development to facilitate moving the project forward expeditiously at the appropriate time,” stated Mr. Hahn, president and chief operating officer.
Mr. Hahn, a certified professional geologist, is the qualified person under National Instrument 43-101 responsible for preparing and reviewing the data contained in this press release.
We seek Safe Harbor.
© 2017 Canjex Publishing Ltd. All rights reserved.
- Published in Canamex Resources Corp., Mining, News Home
Canamex (CSQ:TSXV) Provides Update on Financing and Drilling
Canamex (CSQ:TSXV) Provides Update on Financing and Drilling
– Momentum Public Relations –
Press Release: November 30, 2016
Canamex Resources Corp. (“Canamex” or the “Company”) (TSX-V: CSQ) (OTCQX: CNMXF) (FSE: CX6) would like to provide shareholders and investors with the following update on its private placements and fall drilling campaign.
Financing Update
As announced in its October 25, 2016 news release, Canamex closed the first tranche of two private placements for gross proceeds of $4,955,350. Canamex intends to close a second tranche of these two private placements shortly in the month of December, on the same terms as previously announced in its October 17 and October 25, 2016 news releases, for a maximum amount of $1,244,650 so that the total raised in both tranches of the private placements will be a maximum of $6,200,000. All figures in this news release are in Canadian dollars unless otherwise specified.
On October 25, 2016, Canamex issued a principal amount of $4,239,000 of secured convertible debentures (“Debentures”), maturing on October 25, 2019. The Company intends to close a second tranche for a maximum principal amount of $961,000 of Debentures (“Debenture Offering”) so that the maximum amount raised in both tranches of this private placement of Debentures will be $5,200,000. The terms of the Debenture Offering are outlined below.
The Debentures to be issued in the second tranche of the Debenture Offering will mature in three years after closing of the Debenture Offering (“Debenture Maturity Date”). From and after the date of issue of the Debentures until the Debenture Maturity Date, the Debentures will be convertible into common shares of Canamex (“Shares”) at the option of the holder at a conversion price of $0.16 per Share (the “Conversion Price”), being 6,250 shares per $1,000 principal amount of Debentures.
Interest on the Debentures shall be paid annually in arrears, at an annual interest rate of 7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}. The Company will have the option, in its sole discretion, to pay the interest in Shares of the Company, subject to acceptance by the TSX-V. In the event Canamex opts to pay the interest in Shares instead of cash, the interest rate shall increase to 10{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} per annum in respect of such interest payment in Shares.
In the event that the Company has not entered into a definitive joint venture agreement in respect of the Bruner Gold Property (“JV Agreement”) on or before the date that is six months after the closing date of the Debenture Offering, the interest rate on the Debentures will thereafter be increased by 1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} and will be subsequently increased by an additional 1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} immediately following the end of each six month period during the term of the Debentures if at such time the JV Agreement has not been entered into.
In addition, the holders of the Debentures will receive 6,250 warrants (“Warrants”) per $1,000 principal amount of Debentures. The Warrants will have a strike price of $0.20 and expire on the Debenture Maturity Date.
On a date that is 24 months after closing of the Debenture Offering, the Debenture holders may request that the Company repay the Debentures within 20 business days (“Put Feature”). The Debenture holders will only be allowed to utilize the Put Feature on one specific date.
After 24 months from closing of the Debenture Offering, if the Shares of Canamex trade at or above $0.64 on a 30-day VWAP (volume-weighted average price) basis on the TSX-V, then the Company can force the conversion of the Debentures by giving the Debenture holders 10 days’ notice.
The Debentures shall have a first ranking security over the Company’s interest in its joint venture with Provex Resources Inc. (“Provex”) in respect of the Bruner Gold Property. While Canamex and Provex are in a joint venture at present, a formal joint venture agreement between the parties has yet to be completed.
Proceeds of the Debenture Offering will be used for permitting, drilling and metallurgy at the Company’s Bruner Gold Property in Nye County, Nevada, and for general working capital.
The Company may pay to qualified parties, and subject to the requirements of applicable securities laws, finders’ fees of up to 2{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} in cash and 375 Warrants per $1,000 principal amount of Debentures.
On October 25, 2016, Canamex also closed the first tranche of a non-brokered private placement for gross proceeds of $716,350. The Company issued a total of 4,477,188 units of the Company (“Units”) at a price of $0.16 per Unit. Each Unit is comprised of one (1) common share and one (1) transferable share purchase warrant (“Unit Warrant”). Each Unit Warrant entitles the holder to purchase one (1) additional common share (the “Unit Warrant Share”) at a price of $0.20 per Unit Warrant share for five (5) years from the date of issuance of the Unit Warrant.
The Company intends to close a second tranche of Unit financing (“Unit Offering”) for maximum gross proceeds of $283,650 through the issuance of a maximum of 1,772,812 Units. The total amount raised in both tranches of the Unit Offering would be a maximum of $1,000,000, representing 6,250,000 Units.
The Company may pay to qualified parties, and subject to the requirements of applicable securities laws, finders’ fees of up to 7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} in cash and/or 7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} in Warrants.
In addition, in accordance with an agreement the Company has with Hecla Canada Ltd. (refer to CSQ News Release dated November 19, 2012), Hecla holds a pre-emptive right so long as it holds more than 10{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of Canamex’s outstanding shares (on an undiluted basis). In this regard, Hecla has the right (but not the obligation) to participate in equity offerings of Canamex in order to maintain Hecla’s pro-rata equity interest in Canamex.
The proceeds from the Unit Offering will be used for permitting, drilling and metallurgy at the Company’s Bruner Gold Property in Nye County, Nevada, and for general working capital.
With respect to both the Debenture Offering and the Unit Offering, under applicable Canadian securities law the securities and underlying securities to be issued will be subject to a hold period of four months and a day from the date of issuance of the securities, and will be subject to such further restrictions on resale as may apply under applicable foreign securities laws.
Drilling Update
As a follow up to its news release of November 8, 2016, Canamex is pleased to inform shareholders and investors that drilling was completed on November 16, 2016 on the Bruner Gold Property in Nye County, Nevada. A total of 23 reverse circulation (“RC”) holes, representing a total of 1,850 metres (6,060 feet), were drilled into the Paymaster resource area and 3 RC groundwater test holes, representing a total of 450 metres (1,500 feet), were drilled in the proposed leach pad and pond area. None of the groundwater test holes his groundwater within 150 metres (500 feet). This is good news for the Company as this will negate the need for groundwater monitoring wells for development. Assays from all holes are expected by the end of December 2016.
Greg Hahn, President and COO and a Certified Professional Geologist (#7122) is the Qualified Person under NI43-101 responsible for preparing and reviewing the technical data contained in this press release
For more info on Canamex Resources, go to: www.canamex.us
- Published in Canamex Resources Corp., Mining, News Home