SGX Resources Inc.
TSX VENTURE : SXR

SGX Resources Inc.

June 01, 2012 18:07 ET

SGX Resources Inc. Enters into Option Agreement

WINNIPEG, MANITOBA--(Marketwire - June 1, 2012) -

THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES.

Dale Ginn, President and CEO of SGX Resources Inc. (TSX VENTURE:SXR) ("SGX"), is pleased to announce that SGX has entered into an option agreement (the "Option Agreement") with James E. Croxall (the "Optionor") dated as of June 1, 2012 (the "Effective Date"). Pursuant to the Option Agreement, the Optionor has provided SGX with an option to acquire a 100% undivided interest in seven mineral claims (the "Properties") held by the Optionor in Zavitz Township, Porcupine Mining District in the Timmins, Ontario area.

Pursuant to the terms of the Option Agreement, SGX has the option to earn a 100% undivided interest in the Properties by making the following aggregate cash payments and issuing the following aggregate numbers of common shares of SGX ("Common Shares") to the Optionor: (i) $10,000 cash and 30,000 Common Shares on the date of execution of the Option Agreement, which has been done: (ii) $15,000 cash and 30,000 common shares on or before the date that is one year following the Effective Date; (iii) $25,000 cash and 40,000 Common Shares on or before the second anniversary of the Effective Date; and (iv) $50,000 cash and 150,000 Common Shares on or before the third anniversary of the Effective Date. In addition, SGX must incur at least $200,000 in exploration expenditures on the Properties on or before the third anniversary of the Effective Date.

Upon transfer of a 100% undivided interest in the Properties from the Optionor to SGX, the Optionor shall be entitled to an aggregate 2% net smelter returns royalty on the Properties. SGX shall be entitled to purchase half of such royalty (1%) from the Optionor for $1,000,000 in cash, subject to an adjustment based on the change in the Consumer Price Index from the Effective Date until the time of such purchase.

For further information visit http://www.sgxresources.com.

The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied in the forward-looking information.

Neither the 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 the contents of this News Release.

Contact Information

  • SGX Resources Inc.
    Dale Ginn
    204-794-5818

    SGX Resources Inc.
    Investor Relations
    1-888-749-4621
    www.sgxresources.com