Vantex Resources Ltd.

Vantex Resources Ltd.

December 08, 2009 08:00 ET

Vantex Acquires 100% of the Renault Bay Property

LA PRAIRIE, QUEBEC--(Marketwire - Dec. 8, 2009) - The management of Vantex Resources Ltd. (TSX VENTURE:VAX) ("Vantex" or "the Company") is pleased to announce that it will acquire 100% of the Renault Bay property located in Dasserat Townships, Quebec. The property, consisting of 11 mining claims, is well located along the north-west extension of the Galloway project and is a geological extension of the Soaker Hill gold showing, north of the Galloway area.

Following the agreement with Teck Resources Limited ("Teck" or "the Seller"), Vantex will issue to Teck 150,000 Units, each "Unit" shall be comprised of one post consolidation common share in the capital of Vantex and one non-transferable share purchase warrant, each warrant entitling Teck to purchase one share for a period of 24 months from the date of issue of the Units at the price per common share equal to 125% of the weighted average trading price of Vantex shares for the 10 trading days immediately prior to the date of issuance, or such greater price as dictated by the Exchange. The shares and warrants comprised in the Units, and the common shares issuable on exercise of the warrants, will be subject to the minimum hold period permitted by the TSX.

Also, Teck reserves out from the sale of the property a 2% net smelter returns royalty from the property.

Galloway Project

Consisting of three mining concessions, 52 claims and 35 lots covering a total area of 2,285 hectares, the Galloway project is the result of the amalgamation of the Hurd, Ogima Nord, Sandborn, Perron, Cadillac and Francoeur claim blocks.

Through the acquisition of the Renault Bay property, Vantex Resources Ltd. continues to improve its position in a geological environment favourable for the development of an open-pittable, large-tonnage gold resource of the same type as those currently being developed in Abitibi.

The TSX Venture Exchange has neither approved nor disapproved the content of this press release.

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