Carmax Fulfills Earn-In Commitment
19 Février 2009 - 8:58PM
Marketwired
Carmax (TSX VENTURE: CMX) is pleased to announce that it has now
fulfilled the minimum exploration commitment of $4,000,000 on the
Eaglehead property and paid on an accelerated basis the balance of
the cash consideration of $50,000 and issued the balance of 500,000
shares otherwise due to be issued on October 31, 2009 in order to
acquire a 60% interest in and to the property.
The actual amount spent in exploration on the Eaglehead property
to date is approximately $5,200,000. The surplus of $1,200,000 will
be applied towards the additional exploration commitment of
$2,000,000 otherwise required to be spent on or before October 31,
2011 in order to acquire the remaining 40% interest in and to the
property subject to a 2.5% net smelter return royalty. In addition,
an additional $50,000 and 500,000 shares remain to be issued by
October 31, 2010 in order for the balance of the interest in and to
the property to be earned by Carmax.
All or part of the balance of $800,000 required to be spent in
exploration on the Eaglehead property on or before October 31, 2011
is expected to be spent in 2009.
Carmax is currently assembling all information from historical
drill programs and from Carmax's exploration efforts in an attempt
to establish tonnage for the project and in order to delineate
future drill targets.
CHARLES S. UNDERHILL, DIRECTOR & CFO
The Company relies upon litigation protection for
"forward-looking" statements.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Carmax Explorations Ltd. Charles S. Underhill Director
& CFO (604) 408-2212 or Toll Free: 1-888-408-2212 (604)
689-4143 (FAX) Website: www.carmaxex.com
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