VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 14, 2016) - GMV Minerals Inc. (the "Company" or "GMV") (TSX VENTURE:GMV) is pleased to announce that it has made application to the Arizona State Land Department (ASLD) for two additional exploration permits which directly adjoin the northern boundaries of its Mexican Hat gold exploration project located in S.E. Arizona.
GMV has filed to acquire a 100% interest in Permit No.'s 08-119123 & 08-119124 covering Township 18 South, Range 25 East, (Sections 33 and 34 respectively). The two exploration permits are located adjacent to the north of the Company's claims and 500 metres north of the Hernandez Hill epithermal gold target. The favourable Tertiary volcanic rocks and structures that host the mineralization currently being assessed by the Company are projected onto these licenses.
The Company is also pleased to announce that it has received notification from the Bureau of Land Management that it may proceed to drill its newly discovered epithermal target (see NR dated December 6, 2016) subject to receipt of the reclamation bond which has now been posted. The Company has engaged American Drilling Corp. and expects that drilling will commence on this target in early January 2017. GMV also reports that Zonge International has commenced an expanded AMT survey, stepping out to the north, south and east of the test survey and including the Hernandez Hill area.
In addition, the Company announces that, subject to regulatory approval, it has granted incentive stock options to certain directors, officers, and consultants to purchase up to an aggregate of 880,000 common shares exercisable on or before December 13, 2021 at a price of $0.60 per share.
Dr. D.R. Webb, Ph.D., P.Geol., P.Eng. is the Q.P. for this release within the meaning of NI 43-101 and has reviewed the technical content of this release and has approved its content.
About GMV Minerals Inc.
GMV Minerals Inc. is a publicly traded exploration company focused on developing precious metal assets in Arizona. GMV, through its 100% owned subsidiary, has a 100% interest in a Mining Property Lease commonly referred to as the Mexican Hat project, located in Cochise County, Arizona, USA. The Mexican Hat property contains an inferred mineral resource of 23,452,000 tonnes grading 0.70 grams of gold per tonne hosting 531,400 troy ounces of gold. The project was initially explored by Placer Dome (USA) in the late 1980's to early 1990's. GMV is focused on developing the asset and realizing the full mineral potential of the property through near term gold production.
ON BEHALF OF THE BOARD OF DIRECTORS
Ian Klassen, President
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements based on assumptions and judgments of management of the Company regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements except as may be required by law.