Apex Resources and Margaux Resources Amend Option Agreement on the Jersey Emerald Project in Southeastern B.C.
TSX VENTURE: APX
Vancouver, BC / TheNewswire / March 1, 2018 - Apex Resources Inc. (TSX-V: APX) ("Apex") announces that it has entered into an agreement (the "Amending Agreement") with Margaux Resources Ltd. (TSX Venture: MRL) ("Margaux") to amend the option agreement dated November 8, 2013, (the "Option Agreement"), granting Margaux an option to purchase 100% of the Jersey Emerald Property for aggregate payments totaling $4.02 million according to terms set therein.
Pursuant to the Amending Agreement, Margaux will continue to make monthly payments of $50,000 per month until December 1, 2018. Commencing January 1, 2019, monthly payments will increase to $100,000 and continue until a total of $4,020,000 has been paid to Apex.
If prior to December 1, 2018, Margaux is successful in raising an additional $1.5 million of hard dollars, Margaux will then remit $75,000 monthly until December 1, 2018. All other terms of the Option Agreement remain unchanged.
About Apex Resources Inc.:
Apex is a Canadian gold exploration and development company focused on British Columbia and the Yukon Territories. Apex has a portfolio of quality properties including:
- The 1.9 million ounce Kena-Daylight gold property under option to Prize Mining Corp.
- The Jersey-Emerald tungsten-zinc property under option to Margaux Resources Ltd.
- The Mount Anderson gold-silver property in the Yukon.
- The Red Ridge gold-silver property in the Yukon.
- The Cloud, Eldorado and Wild properties in BC's Golden Triangle.
Apex management has a track record of mine discovery that includes the discovery and development of the renowned Hemlo Gold Mine in Ontario. For further information on the Company's projects, visit www.apxresources.com.
Arthur G. Troup, P.Eng., Geological
President and CEO
For further information please contact:
Marc Lee, Investor and Corporate Communications
Tel: (604) 628-0519 Fax: (604) 628-0446
This release was prepared by Apex's management. Neither TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that Apex expects are forward-looking statements. Although Apex believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on Apex, investors should review Apex's filings that are available at www.sedar.com or Apex's website at www.apxresources.com.