Geologix Explorations Inc.

Geologix Explorations Inc.

January 21, 2010 09:00 ET

Geologix Aquires 100% Interest in Peruvian Properties

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 21, 2010) - Geologix Explorations Inc. (TSX:GIX)(FRANKFURT:GF6)(BERLIN:GF6)(MUNICH:GF6)(STUTTGART:GF6) is pleased to announce that it has acquired Newmont's interests in five Peruvian properties formerly held under joint venture with Newmont Peru S.R.L., a subsidiary of Newmont Mining Corporation (NYSE:NEM). Geologix is now 100% owner of the properties subject to a 2% NSR royalty on precious metals and 1% NSR Royalty on all other minerals payable to Newmont.

Dunham Craig, President and CEO stated, "Geologix is pleased to consolidate its interest in these properties to a clear 100% ownership, subject to a NSR, as it gives clear direction for our business planning going forward. We thank Newmont for their participation in the joint ventures and found them to be an excellent business partner. We hope we have the opportunity to work together again in the future."

In Peru, Geologix currently has nine 100% owned mineral properties. The five properties subject to the Newmont royalty are the La Joya, Liscay, Lagaritia, Mirko and Lachoc properties.

Geologix Explorations Inc. is a mineral exploration company focused on acquiring, exploring and developing gold properties in North and South America. The Company has a wealth of experience in the mining industry taking early stage exploration prospects to final feasibility and ultimately to production.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Geologix Explorations Inc.
    Jeffrey Wilson
    VP Corporate Communications
    (604) 694-1742 or Toll Free Canada & USA: 1 (888) 694-1742
    Geologix Explorations Inc.
    Dunham Craig
    President & CEO
    (604) 694-1742 or Toll Free Canada & USA: 1 (888) 694-1742