Vantex Resources Ltd.

Vantex Resources Ltd.

November 26, 2010 09:00 ET

Vantex Sells its Santa Anna Property and Will Distribute 3,378,750 Shares to its Shareholders

LA PRAIRIE, QUEBEC--(Marketwire - Nov. 26, 2010) - Vantex Resources Ltd. (TSX VENTURE:VAX) (« Vantex ») is pleased to announce the signature of an agreement with Animiki Resources inc. (« Animiki ») a private corporation, where Vantex will sell to Animiki its Santa Anna property located in the La Reine township, 15 kilometers from La Sarre. This property comprises 21 contiguous mining claims.

In exchange for the property, Animiki will issue to Vantex, 3,750,000 common shares from its authorized capital at a price of $0.20 per share. Also, Animiki will grant Vantex a 1% NSR. The original owners of the property will keep a 2 % NSR.

Animiki is a new corporation created under the Canada business corporations act that will apply for the listing of its shares on the TSX Venture Exchange.

Animiki will also acquire the Swanson mining property from Animiki Mining Corporation Ltd. (« Mining Corporation ») located in the Fiedmont township, 35 kilometers from Val-D'Or. This property comprises 23 contiguous claims. In exchange for this acquisition, Animiki will issue 825,000 common shares to Mining Corporation at a price of $0.20 per share.

Animiki, Vantex and Mining Corporation agreed on a plan of arrangement in which Vantex will distribute to its shareholders in the form of a dividend in property, 3,378,750 common shares, while Mining Corporation will redistribute also in the form of a dividend in property to its shareholders, the entire 825,000 shares received.

The plan of arrangement was unanimously approved by the board of directors of each Vantex, Mining Corporation and Animiki. Vantex board of directors will recommend the approval of the plan of arrangement to its shareholders at the upcoming special shareholder's meeting that will take place on December 23, 2010.

The plan of arrangement is subject to the approval of two-thirds of the votes of the shareholders present at the meeting or represented by proxy at Vantex special shareholder's meeting, to the approval of the Superior Court of Quebec and to relevant regulatory authorities.

Works in progress

As mentioned in previous press releases, Vantex started a 800-meter drill hole in order to intersect the Hendrick zone, located 500 meters south-west of the Galloway zone. The hole is now down 670 meters, along the hole, and it intersected many mineralized zones with pyrite and chalcopyrite between the 420 and 670 meter levels. Once the drill hole is completed, a series of samples will be sent to the lab to be assayed for gold and silver.

The geophysics surveys that took place on the new Moriss zone are almost completed. Many IP anomalies were identified and likely correspond to the new gold zones previously intersected by drilling. New IP anomalies were also found south of the Moriss showing.

The VPE10-14 drill hole, located 100 meters east of drill hole VPE10-02, did not return significant values. A 3,000-meter drilling program should start in a few days on the Moriss zone. These drill holes will test the lateral and in-depth extensions of this new gold zone.

The works are under the supervision of Mr. Jeannot Théberge, geologist and Qualified Person under NI 43-101. This press release was read and approved by Mr. Théberge.

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.

Contact Information