Panex Resources Inc.

OTCQB : DBGF


Panex Resources Inc.

August 21, 2014 10:30 ET

Burey Shareholders Approve Assignment Agreement with Amani Consulting SPRL and Burey Gold Ltd

ZUG, SWITZERLAND--(Marketwired - Aug. 21, 2014) - Panex Resources Inc. (the "Company," or "Panex") (OTCQB:DBGF) is pleased to announce that all resolutions put to a general meeting of shareholders of Burey Gold Limited ("Burey"), an Australian listed company, for the approval of the Giro acquisition were passed by a show of hands.

No resolutions, other than those referred to below, were put to the meeting.

FOR AGAINST ABSTAIN TOTAL
Res 1 Ratification of issue of shares 117,662,749 67,000 12,931,308 130,661,057
Res 2 Approval to Issue Securities for the Giro Acquisition 130,564,057 67,000 30,000 130,661,057
Res 3 Approval to Issue Shares for the Giro Acquisition 130,564,057 67,000 30,000 130,661,057

Pursuant to the terms and conditions of the Term Sheet signed by Burey, Panex and Amani Consulting SPRL ("Amani") on 22 May 2014, Panex has assigned and surrendered all of the rights and interests it may have in the share purchase agreement dated December 7, 2013 with Amani (the "Purchase Agreement") to Burey. In addition, Panex has assigned to Burey all of its rights, title, and interest in the loans it has provided for the purpose of funding exploration on the Giro Project (the "Loans"). In consideration of the assignment of all of Panex's rights and interests in the Purchase Agreement and the Loans Burey will now issue an aggregate 55,705,232 shares in the capital of Burey ("Burey Shares") to Panex.

Burey will now commence with the exploration and development of the Giro Project.

Panex is currently reviewing exploration data received from a number of parties to assess the potential for new project opportunities. The majority of projects have good potential for gold, copper and silver mineralisation in Colombia. Discussions are currently at a fairly advanced stage.

The Company further wishes to advise that Mr. Klaus Eckhof has resigned as a director. Mr. Eckhof will now concentrate on his existing work commitments and will be available in an advisory capacity at the request of the Company.

The Board wishes to thank Mr. Eckhof for his contribution to the Company since his appointment in 2008.

ON BEHALF OF PANEX

Mark Gasson, Chief Executive Officer

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains statements that plan for or anticipate the future, called "forward-looking statements." In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of those terms and other comparable terminology.

These forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements about: our market opportunity; revenue generation; our strategies; competition; expected activities and expenditures as we pursue our business plan; the adequacy of our available cash resources; our ability to acquire properties on commercially viable terms; challenges to our title to our properties; operating or technical difficulties in connection with our exploration and development activities; currency fluctuations; fluctuating market prices for precious and base metals; the speculative nature of precious and base metals exploration and development activities; environmental risks and hazards; governmental regulations; and conduct of operations in politically and economically less developed areas of the world.

Many of these contingencies and uncertainties can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to our most recent annual report on Form 10KSB and other filings made by us with the United States Securities and Exchange Commission for more detailed discussions of the contingencies and uncertainties enumerated above and the factors underlying the forward-looking statements. These reports and filings may be inspected and copied at the Public Reference Room maintained by the U.S. Securities and Exchange Commission at 100 F Street, N.E., Washington, D.C. 20549. You can obtain information about operation of the Public Reference Room by calling the U.S. Securities and Exchange Commission at 1-800-SEC-0330. The U.S. Securities and Exchange Commission also maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the U.S. Securities and Exchange Commission at http://www.sec.gov.

We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.

This press release is for informational purposes only and is not and should not be construed as an offer to solicit, buy, or sell any security.

CUSIP No. 69841J 106

Contact Information

  • Panex Resources Incorporation
    Mark Gasson or Ross Doyle
    C/O Coresco AG, Level 3, Gotthardstrasse 20
    6300 Zug, Switzerland
    (+41) 41 711 0281
    Website: www.panexresources.com / Email: info@coresco.ch