Canamex Resources issues shares to GMV Minerals as per Aranka North option deal

Canamex Resources Corp. (CVE:CSQ)(OTCQX:CNMXF) says that it has issued 1.25 million common shares to GMV Minerals as per an option agreement on its Aranka North property in Guyana signed back in 2011. 

These shares represent the second of three staged share issuances under the deal. 

Canamex, through its subsidiary Canamex Guyana, was granted an option to acquire up to a 100% interest in the Aranka North property by making cash payments to GMV totaling US$520,628, spending US$1.0 million in exploration work before December 31, 2013, and issuing a total of 3.75 million  shares to GMV. 

The company said that its final cash payment of US$183,348 is due on August 2 this year, with the company having already met its exploration commitment, spending over US$1 million. 

The final 1.0 million share payment is due by August of next year. 

The Aranka North land package spans 98,000 acres in a prospective gold region in Guyana, South America. It lies to the northeast of the major gold discoveries by Guyana Goldfields at Aurora and Aranka/Sulphur Rose. 

Canamex says it has identified two "prominent" gold-in-soil anomalies on the Ridge Anomaly, and is conducting a 120-hole power auger drilling program on 100-metre spacing. 

The company is expected to finish by the end of the month, with results anticipated by the end of March. 

Last week, Canamex Resources' president and COO Greg Hahn told Proactive Investors the company is looking to 2013 with excitement for what it believes is “a large and robust gold bearing mineral system” at its Bruner gold project, in Nye County, Nevada.

The gold explorer last Wednesday announced 2012 drilling results and 2013 exploration plans for its new Penelas East discovery area of the property, where it reported high-grade intercepts in March and July of last year, noting that the latest campaign was designed to test for high-grade gold-silver veins on the property.

All together, the company said this mineral system looks to be over 600 metres long, one hundred metres wide, and intersected over a vertical range of up to 200 metres. Notably, 11 of the 12 holes drilled at Penelas East intersected “significant thicknesses” of gold grading higher than 0.34 grams per tonne (g/t), over potentially mineable widths along a length of 180 metres of strike, and across widths of up to over 100 metres.