Goldex Resources Corporation announces that it has signed a joint venture agreement to explore and develop a gold license area consisting of 143 square kilometers in Mali, Africa. Signatories to the JV are Geo-Sys-Tech S.A.R.L. ("GEO") and RexMetal S.A.R.L.
GEO has the right to acquire a 90% interest in the license for 750,000 Euro of which 350,000 Euro's has been paid. GEO has established an exploration program over the Korokoro license area and has obtained a small-scale mining license under which it can produce up to 15 kilograms of gold per month. Under the terms of the small-scale mining license GEO has set-up and is operating a pilot plant currently able to process ten (10) tonnes of ore per hour. Under the terms of the JV GEO and REX will transfer their interests to a new company to be incorporated. Goldex will become the operator with a 51% interest in the joint venture and the license. Under the terms of the JV Goldex will complete a 43-101 report and pay to REX 400,000 euro. It is the intention of the joint venture to further develop the property and apply for a large-scale mining license.
The Korokoro property is accessed by road and is located 54 kilometers from the Morila mine (Randgold) which has produced over 7 million ounces of gold.