Apex Resources Receives Confirmation from Margaux Resources of Jersey Exploration Property Expenditures
December 7, 2016
Vancouver, BC - December 6, 2016: Apex Resources Inc. (TSX-V: APX; "the Company", "Apex") has received notification from Margaux Resources Inc. that in compliance with section 3.2(b) of the Jersey Emerald Agreement, Margaux incurred property expenditures in excess of $2.0 million by November 8th, 2016. The property purchase agreement required that Margaux incur not less than a minimum of $2.0 million in property expenditures by November 8th, 2016.
Margaux Resources Inc. is buying the Jersey Emerald property from Apex for $4.010 million subject to a 1.5% NSR retained by Apex. Option payments received by Apex have totaled $1,045,000.00. The remaining purchase price of $2,965,000 will be paid in monthly installments with the final payment due by March 1, 2020.
About Apex Resources Inc.
Apex Resources Inc. is a Canadian exploration and development company focused on British Columbia and Yukon, Canada. Apex's business strategy is to acquire quality, under explored, precious metal properties with undiscovered resource potential in established mining camps. The company then advances the projects until they can be joint ventured or sold with a retained NSR royalty to Apex.
In addition to the Jersey-Emerald property Apex has a portfolio of quality properties all of which have funded exploration programs planned for 2017 including:
- The Kena-Daylight gold properties under option to Acquireco.
- The Red Ridge gold-silver-copper property in the Yukon Territory.
- The Eldorado, Cloud and Wild precious metal properties in BC's Golden Triangle.
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
Email: moc.secruoserxpa@eelm or moc.secruoserxpa@ofni
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.