Sep 18 2015
NORDEX EXPLOSIVES LTD. ("Nordex" or the "Corporation") is pleased to announce the recent completion of exploration work on the Melba Gold Property ("Melba Property") by the Telluriton Corp. ("Telluriton"). Nordex previously announced a purchase and sale agreement ("Agreement") with Telluriton on May 13, 2014.
Telluriton recently completed a geophysics program including induced polarization and Magnetometer surveys. The program was designed to test the magnetic signature surrounding and on strike of the historic Melba Mine, held by Nordex. The program has identified several targets of Interest and contributed positively to the property profile for further exploration work.
Under the terms of this Agreement, Telluriton paid Nordex Cdn $25,000, and must maintain and pay all lease payments to keep the property in good standing, recover and process existing ore stock piled on the property and complete Cdn $1,000,000 of assessment work. In addition, should Telluriton become a publicly listed entity, Telluriton shall issue 1,000,000 common shares to Nordex. Upon completion of all cash payments, share issuances and work commitments, Telluriton will have earned a 100% interest in the Melba property subject to a 2% net smelter return royalty ("NSR") to be granted to Nordex, with a buyback privilege of 1% of the NSR from Nordex for Cdn $1,000,000.
Nordex continues to see progress with the Melba Property, and looks forward to the continuation of exploration work in the coming year.
Nordex continues to focus on its core business as a manufacturer and distributor of explosives. The Company products continue to gain acceptance and increased interest from the mining and quarry sectors. Nordex delivers premium products at competitive prices and provides exceptional support and services to the explosive industry.
About Nordex Explosives Ltd.
Nordex Explosives Ltd. is a Canadian based manufacturer and distributor of explosives for the mining, quarry and construction industries since 1970. Its manufacturing operations and distribution centre is strategically located in one of the world's largest mining regions near Kirkland Lake, Ontario. Additional information can be found at www.nordexexplosives.com.
OTHER INFORMATION
Additional Information relating to the Company is available on SEDAR at www.sedar.com.
Source: http://www.nordexexplosives.com/