- February 06, 2013
- January 28, 2013
- January 11, 2013
Geodex Minerals Ltd. (TSX.V: GXM) is a Canadian-based resource company with a focus on the exploration and development of critical metals, particularly tungsten and molybdenum deposits, in New Brunswick, Canada.
Geodex began exploring in New Brunswick in 2003, attracted to the province by the excellent geological potential and favourable pro-mining government policies. These advantages are highlighted in the Fraser Institute surveys of mining companies published annually, New Brunswick consistently ranks as one of the best jurisdictions worldwide in terms of overall attractiveness for mining investment.
The geology of New Brunswick is prospective for a number of critical metals, including tungsten, indium and REE (Rare Earth Elements), as well as, tin and molybdenum. The Dungarvon tungsten - molybdenum property will be the focus of Geodex's exploration in 2013. It is located about 50km from Sisson and has very similar geological characteristics to that deposit. Geodex has applied the exploration tools it has successfully used over the past decade to identify the potential source of numerous high grade tungsten boulders. A drill program is being planned to test the primary target area.
Geodex is applying at Dungarvon the recognized expertise it has developed over the past 10 years operating in New Brunswick. The expertise is based upon the successes Geodex has achieved at the Sisson and Mount Pleasant West Projects.
From 2004 - 2010, Geodex successfully explored and developed the Sisson tungsten - molybdenum deposit in the central part of the province. In August, 2010, the Company signed an agreement with Northcliff Resources Ltd,. of the Hunter Dickenson Group, which gave that company a 70% interest and operatorship of the project. In June, 2012, Northcliff bought the remaining 30% interest in Sisson and the Northcliff shares received were distributed to the Geodex shareholders.
On June 18 the shareholders of Geodex's approved by our shareholders the sale of the Sisson project to Northcliff Resources Ltd. ("Northcliff"). In July Geodex shareholders received their Northcliff shares for the Sisson sale. The close of the Sisson transaction marked the end of a significant chapter of Geodex's corporate history from 2004 to 2012. It was marked by the acquisition of a lightly explored tungsten-molybdenum deposit that Geodex successfully drilled and developed. The Sisson Project is now recognized as one of the world's largest greenfield tungsten deposits and is located in New Brunswick, Canada. The transaction enables Geodex shareholders to retain the significant value that the Sisson Project represents through direct ownership of Northcliff shares.
Tax effects of the transaction are as follows:
For Canadian Investors
The distribution of Northcliff shares to Geodex shareholders was treated as a return-of-capital. Each share of Northcliff received is valued with a cost-base of $0.45 per share with a corresponding decrease in the cost base of Geodex shares.
For US Investors
Please click this linked form 8937 for details.
Tax effects of the transaction are as follows:
For Canadian Investors
The distribution of Northcliff shares to Geodex shareholders was treated as a return-of-capital. Each share of Northcliff received is valued with a cost-base of $0.45 per share with a corresponding decrease in the cost base of Geodex shares.
For US Investors
Please click this linked form 8937 for details.
Geodex sold the remaining interest to Northcliff Resources Ltd. in June 2012. If you would like more information on the Sisson project please click the picture above to be directed to Northcliff Resources' website. We wish a continued success for the Sisson Project.
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