Dorex disagrees with Carmelita optionor, in talksDorex disagrees with Carmelita optionor, in talks
2009-05-01 18:00 ET - News Release
Mr. Rob Sinclaire reports
CARMELITA PROPERTY UPDATE
Dorex Minerals Inc. wishes to update the status with theCarmelita mining property located in Chile. The company signed aproperty option agreement dated Jan. 10, 2007, with Minera Coyote Ltda.(Coyote), a Chilean exploration company, to acquire a 100-per-centinterest in the Carmelita property, a 2,400-hectare property that lieswithin the coastal belt of the Andean Cordillear of Chile. The optionagreement was amended in February, 2009, whereby the company and Coyoteagreed to extend the time for the property option payments, with thenext payment of $125,000 (U.S.) and 100,000 company shares now due onJuly 30, 2009, and the final payment of $150,000 (U.S.) and a further200,000 company shares due Jan. 30, 2010.
The company conducted exploration on the Carmelita property in2008, and plans further exploration in 2009. The company is currentlyconducting a private placement of units, with the proceeds to be usedfor obligations regarding the Carmelita property, including furtherexploration, and for working capital. In the meantime, Coyote hasadvised the company that it has paid approximately $40,000 (U.S.) inproperty costs for the upkeep of the claims and required the companypay that amount, otherwise, the option will be terminated. While thecompany does not fully agree with the position taken by Coyote, it iscurrently in discussions with Coyote in order to resolve these matters,which will include payment of any amounts owing out of the proceeds ofthe private placement.
The company anticipates closing the private placement at theend of May, 2009, and then proceeding with further exploration on theCarmelita property later in the summer.