GMV Minerals Inc. (the ‘Company’ or ‘GMV’) (TSXV:GMV)(OTCQB:GMVMF) announces that it has elected to extend its exclusive initial five (5) year option (‘Option’) to purchase certain unpatented mineral claims (‘Claims’) located in Arizona (the ‘Mexican Hat Property’) for an additional three (3) years by making an additional Option extension payment of US$5,000 to Hernandez Trust.
GMV’s wholly owned subsidiary acquired 100% of the Mining Property Lease ( ‘Mining Property Lease’ or ‘Lease’) of Norman A. Pearson in the Mexican Hat Property pursuant to the terms of a mining property lease assignment agreement dated as of May 14, 2014 among GMV, Norman A. Pearson and Manuel R. Hernandez. Subsequent to the passing of Mr. Hernandez in 2019, the Claims and Lease were transferred and assigned to the Hernandez Family Trust (the ‘Hernandez Trust’). The Hernandez Trust and GMV entered into an Option to Purchase Agreement in respect of the Claims dated December 14, 2020, pursuant to which the Hernandez Trust granted GMV’s subsidiary the exclusive initial five (5) year Option over the Claims that are the subject of the Lease by making certain quarterly option payments to Hernandez Trust.
If GMV elects to exercise and purchase the Claims during the term of the extended Option, then GMV will continue to be obligated to grant Hernandez Trust a net smelter return royalty (NSR Royalty) of 3% in accordance with the terms and conditions of the Lease. The NSR Royalty is subject to a buy-back right pursuant to which 1.5% of the NSR Royalty can be purchased by GMV in consideration for US$1,500,000.
Updated Preliminary Economic Assessment
In addition, the Company wishes to announce that it has commissioned an updated Preliminary Economic assessment on the Mexican Hat Property for the purposes of updating the cash flow analysis to reflect the change in gold price and inflation. The Report is expected to be completed in Q3 2025.
The Lead Consultant is Denver based Samuel Engineering, Inc. (Metallurgical Test Work and Recovery, Process Plant and Process Operating Costs, Project Economics and Infrastructure), and also includes; DRW Geological Consultants Ltd. (Property Description and Location, Accessibility, Climate, Local Resource, Infrastructure and Physiography, History, Geological Setting and Mineralization, Deposit Types, Exploration, Drilling, Sample Preparation, Analysis and Security, Data Verification), Mine Development Associates a division of RESPEC (Mine Design, Production Schedule, Capital and Operating Costs), Tierra Group International, Ltd. (Pad Design and Loading) and Stantec Consulting Services Inc. (Environmental).
About GMV Minerals Inc.
GMV Minerals Inc. is a publicly traded exploration company focused on developing precious metal assets in Arizona. GMV, through its 100% owned subsidiary, has a 100% interest in a Mining Property Lease commonly referred to as the Mexican Hat Property, located in Cochise County, Arizona, USA. The project was initially explored by Placer Dome (USA) in the late 1980’s to early 1990’s. GMV is focused on developing this asset and realizing the full mineral potential of the property through near term gold production. GMV has completed a Preliminary Economic Assessment (December 2020) in respect of the Mexican Hat Property, which is available under the Company’s profile on SEDAR+ at www.sedarplus.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
________________________________________
Ian Klassen, President & CEO
For further information please contact:
GMV Minerals Inc.
Ian Klassen
Tel: (604) 899-0106
Email: info@gmvminerals.com
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain ‘forward-looking statements’ under applicable Canadian securities legislation. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as ‘believes’, ‘anticipates’, ‘expects’, ‘estimates’, ‘may’, ‘could’, ‘would’, ‘will’, or ‘plan’. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties as described in the Company’s filings with Canadian securities regulators. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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.
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