VANCOUVER, Dec. 15 /PRNewswire-FirstCall/ -- Dorex Minerals Inc. is pleased to announce that it has signed a letter of intent for an Option Agreement with Mineria Coyote Ltda., to acquire a 100% interest in the Carmelita Property, located in Chile. The Carmelita Property consists of 2,400 hectares that are located within the Coastal Belt of the Andean Cordillera of Chile.
The property is subject to a 2% Net Smelter Royalty, from the current owner, whereby Dorex has the option to earn an undivided 100% interest by paying a total of $440,000 in cash and by issuing 500,000 common shares of the Company over a 24 month period. 1% of the Net Smelter Royalty may be bought by the Company at the price of $1,000,000 within five years from the date of a production decision being made by Dorex Minerals Inc.
This Letter of Intent is to confirm the terms and conditions, as well as the timing of the final Option Agreement, to be signed by both companies, Mineria Coyote Ltda. and Dorex Minerals Inc., which will be no longer than two months subject to favorable due diligence.
ON BEHALF OF THE BOARD
DOREX MINERALS INC.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the contents of this News
Release. This release has been prepared by management and no regulatory
authority has approved or disapproved the information contained herein.
CONTACT: DOREX MINERALS INC., Suite 300, 905 West Pender Street, Vancouver, BC, V6C 1L6, Telephone: (604) 688-1160, Fax: (604) 677-2315
© 2006 PR Newswire
