RE: WOW Block 103 just got biggerApr 13, 2011 09:00 ET
Cap-Ex Acquires Adriana's Properties Adjoining Block 103
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 13, 2011) - Cap-Ex Ventures Ltd. (TSX VENTURE:CEV)(FRANKFURT:X0V) ("Cap-Ex" or the "Company") has entered into an agreement with Adriana Resources Inc. (TSX VENTURE:ADI) ("Adriana") to acquire 100% of two strategic direct shipping Ore ("DSO") iron properties that adjoin the Cap-Ex Block 103 property near Schefferville, Quebec.
The Agreement calls for the Company to purchase a 100% right title and interest in and to Newfoundland Labrador Mineral Licenses 014855M and 014856M (the "Properties") in exchange for a cash payment to Adriana of $500,000 and the issuance of 500,000 common shares (the "Shares") of the Company. The Agreement also calls for the Company to grant to Adriana, on closing, a 1% NSR on all production of iron ore or other products from the Properties.
The Properties consist of 82 mineral claims and cover an area of 2050 hectares, increasing the landholding of Block 103 to 7050 hectares. License 014856M adjoins Block 103 to the Northeast and borders New Millennium Capital Corp's Goodwood DSO area. Licence 014855M covers the southern flank of Block 103 and adjoins New Millennium's Timmins DSO area.
The Properties will be grouped into the existing Block 103 ground and herein be referred to as Block 103.
The Company's land package in the Schefferville region now covers 34,025 hectares, strategically positioned near railway and iron ore plants.
The Agreement is subject to the approval of the TSX-Venture Exchange.