Vancouver, Canada, March 18, 2022 (GLOBE NEWSWIRE) -- REX RESOURCES CORP. (TSX-V: OWN) (“REX” or the “Company”) announces that it has amended the Kalum Option Agreement (the “Option Agreement”) with Eagle Plains Resources Ltd. dated August 12, 2020, as amended. The exploration expenditure amounts and deadlines due pursuant to the Option Agreement have been revised as follows: $500,000 ($600,000 total) originally required to be expended by December 31, 2021 has been amended to $150,000 ($250,000 total) by December 31, 2022; an additional $800,000 ($1,400,000 total) required to be expended by December 31, 2022 has been amended to an additional $1,000,000 ($1,250,000 total) by December 31, 2023; and an additional $1,600,000 ($3,000,000 total) required to be expended by December 31, 2023 has been amended to an additional $1,750,000 ($3,000,000 total) by December 31, 2024.
Pursuant to the terms of the Option Agreement, the Company may acquire a 60% interest in the Kalum Property, located within the Kitimat Range of the Coast Mountains, approximately 35 kilometres northwest of the city of Terrace, B.C., approximately 600 km north of Vancouver, B.C. The area is commonly referred to as “the Golden Triangle”.
About Rex Resources Corp.: Rex Resources Corp. is a mineral exploration company focused on the acquisition, exploration and development of mineral resource properties. The Company has an option to acquire a 60% interest and title to the Kalum Property located in the Terrace area, British Columbia.
Contact Information - For more information, please contact:
Anthony Zelen, Director
Tel: 778-338-5258
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
On behalf of REX Resources Corp.,
Anthony Zelen
Director
Neither 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.
