Kinetex Resources Corporation

Kinetex Resources Corporation

March 02, 2009 11:31 ET

Kinetex Announces Execution of Purchase and Sale Agreement of Green Lake Property Mineral Claims to LeBoldus Capital

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 2, 2009) - Kinetex Resources Corporation ("Kinetex" or the "Company") (TSX VENTURE:KTX) is pleased to announce the signing of agreements by which Kinetex has acquired and sold exploration rights to two contiguous prospective uranium claim blocks along the eastern edge of the Athabasca Basin in northeast Saskatchewan, known as the Green Lake Property (the "Property"), to LeBoldus Capital Inc. ("LeBoldus"), a capital pool company (TSX VENTURE:LEB.P). This transaction is intended to constitute LeBoldus' Qualifying Transaction pursuant to the applicable policies of the TSX Venture Exchange. Under the agreement LeBoldus may acquire a one hundred percent (100%) undivided interest in the Property, subject to a 2.5% Net Returns Royalty to the previous owner, for consideration of $225,000 in cash (of which a $25,000 non-refundable deposit has been received) and the issuance of 6,000,000 common shares ("Common Shares") of Leboldus, subject to customary industry conditions and closing of a minimum private placement of $800,000.

Mr. Gil Schneider, Chief Executive Officer of Kinetex stated, "Kinetex is pleased to be provided with the opportunity to apply its geosciences techniques to the Green Lake property. Upon completing a review of the property, this agreement represents an attractive opportunity to assist in the proposed exploration program. Kinetex believes the share consideration from Leboldus provides our shareholders with an exciting opportunity to participate in the future success of that public company."

Kinetex's investment in LeBoldus following the transaction is a strong reflection of the continuation and advancement of the potential of the diversified and growing investment portfolio of Kinetex. The Company continues to believe that such opportunities for investment developed through project participation offer its shareholders a ground floor entry point to participate in high impact exploration. We continue to focus on maintaining a balance of measured fundamental growth with a mixed potential of high impact investment opportunities as identified through its suite of services; this approach continues to represent an attractive low risk, high potential value proposition for the Kinetex shareholder.

About Kinetex

Kinetex is an oil, gas and mineral exploration services company with offices in Vancouver, BC, Calgary, Alberta and Bogota, Colombia. Through its subsidiaries, Kinetex provides data-rich high resolution, full wave subsurface images and analysis - the new standard for the energy, metals and minerals exploration and development industries.

The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release. The company seeks safe harbour.

Contact Information

  • Kinetex Resources Corporation
    Gil Schneider
    (604) 484-5761 or Toll Free: 1-888-484-5761
    (604) 484-5760 (FAX)