NGEx Reports 2017 Results – Investing News Network

This Article Was Originally From This Site

NGEx Resources Inc. (TSX:NGQ)(OMX:NGQ) (“NGEx” or the “Company”) is pleased to announce its results for the year ended December 31, 2017.

As quoted in the press release:


  • On November 13, 2017, the Company acquired the 40% interest in the Josemaría project held by its joint exploration partner Japan Oil, Gas and Metals National Corporation (“JOGMEC”) for total cash consideration of US$21 million. The cash consideration is payable in three installments: US$3 million paid in December 2017, US$5 million payable upon a development decision being made, and US$13 million upon commencement of commercial production from the property. Additionally, JOGMEC retains an option to purchase up to 40% of the concentrate produced from the project based on the prevailing market terms at the time of exercise.
    With the acquisition completed, the Company holds a 100% interest in the Josemaría project in San Juan Province, Argentina. The acquisition of the Josemaria interest provides the Company with additional development options. In particular, studies are being planned for a stand-alone development option for the Josemaría project in Argentina focusing on a simple open pit scenario with a shallow, high-grade starter pit.
  • In addition to work on the advanced Los Helados and Josemaría projects, the Company increased its focus on early-stage exploration by adding new high-quality copper-gold exploration projects, the Nacimientos and Acay properties, to its portfolio in Argentina
  • On January 3, 2018, the Company completed a $12.5 million private placement, selling an aggregate of 12,500,000 common shares for net proceeds of $12.1 million. Net proceeds of the private placement will be used towards ongoing work programs in Chile and Argentina as well as for general corporate purposes.

Click here for the full text release

This Article Was Originally From *This Site*