COREX GOLD CORP V.CGE

Check out the latest mexican mining deal !!! v.fmg

[peterot]

First Mexican Forms JV to put Guadalupe Property into Production Vancouver, British Columbia. First Mexican Gold Corp. (the `Company` or `FMG`) (TSX-V: FMG, Frankfurt: 21M) is pleased to announce that it has signed a non-binding letter agreement (the Agreement) with Link Natural Resources FZC (LNR), a private entity in the United Arab Emirates (Dubai), to enter into a 50/50 Joint-Venture (JV) with the intent of putting the Karen zone into production at the Companys Guadalupe property in Sonora, Mexico. The agreement is subject to a 30 day exclusive due diligence period. LNR has been granted the right, for a period of 30 days from signing, to complete due diligence, and, at LNR's discretion, to finalize a definitive agreement with the Company (within 40 days) to acquire a 50% interest in First Mexicans Guadalupe property which is located along a trend of long term producing mines in the Sierra Madre Occidental. Were very pleased with this development and with a completed definitive agreement First Mexican shareholders will have exposure to a fully funded program at the Karen zone which also allows the Company to significantly expand its exploration program to other high potential targets at other prospective sites on the property. remarked Jim Voisin, President & CEO. As per the following terms LNR would acquire a 50% working interest in exchange for a scheduled investment within the first year totaling US $8.0 million in consideration for: Payment of non-refundable $100,000 (US funds) to secure exclusive stand still during due diligence period of 30 days, this is applicable to total investment; Providing the necessary funding to permit and advance the Karen zone deposit into commercial production targeting mineable Gold & Silver mineralization from surface (US $5.0 million); Further advancement of other high priority targets on the property will have a dedicated budget (US $1.0 million); An agreed cost recovery payment to First Mexican Gold Corp (US $2.0 million). The partners will create a joint venture company (Newco) in order to complete the 50/50 JV, with First Mexican to remain and designated as operator. LNR retains a 33 day option to purchase 2,000,000 common shares of FMG at a price of $0.05 per share (Cdn funds). The terms of the definitive agreement will be subject to the approval of the TSX Venture Exchange. Some Historical Data Karen zone drill highlights to date (all near-surface intercepts, see news releases dated April 28, 2011, Feb. 27, 2012, and Oct. 15, 2012) and Diana zone drill highlights to date (all near-surface intervals, see news release on March 10, 2011) are as follows: Drill Hole Length (m) Au (g/t) Ag (g/t) Cu (%) Ag Eq. g/t * KAREN HDH 09-01 5.8 3.67 753 934 HDH 09-02 15.2 2.58 47 198 HDH 09-03 39.2 6.06 669 .94 1094 RC hole #2 2.0 1.48 1330 1357 RC hole #3 18 6.52 61 HDH 11-04 15.2 1.57 336 .18 plus 22.35 .35 200 1.21 HDH 11-05 33.46 4.27 395 1.24 785 HDH 11-06 21.60 4.90 104 .73 HDH 11-27 9.70 6.22 1853 12.62 3288 HDH 11-28 1.50 .56 20.4 .20 73 HDH 11-29 12.20 1.86 70 .14 177 plus 51.85 .16 6.15 .52 HDH 11-30 24.40 .34 25.8 .42 87 including 1.50 4.44 380 1.64 792 HDH 12-32 7.65 3.64 217 HDH 12-33 10.9 2.70 152 .20 306 DIANA HDH 11-09 15.70 .77 105 146 plus .70 2.58 12 .12 HDH 11-10 39.0 .40 135 153 HDH 11-11 49.50 .42 86 107 including 13.30 .75 195 231.

[DD34]

FMG has the better property and the better JV deal.  I own a few shares of CGE so love this move the past few days.  A great sign.  I expect FMG to triple CGEs share price in 30 days though.