VANCOUVER, BC, Mar 04, 2014 (Marketwired via COMTEX) — Pure Energy Minerals Limited (the “Company”) announces that has entered into an amending agreement with GeoXplor Inc. (“GeoXplor”) dated March 3, 2014 (the “Amending Agreement”) to amend the memorandum of understanding (“MOU”) between the Company and GeoXplor to extend the date by which the Company and GeoXplor are required to enter into a definitive agreement (the “Definitive Agreement”) pursuant to which the Company will be granted an option to acquire GeoXplor’s 100% interest in 71 mining claims 71 placer mining claims known as the CV and DB claims located in Clayton Valley, Esmeralda County Nevada (the “Transaction”).
Under the terms of the Amending Agreement, the Company and GeoXplor have agreed to:
(1) extend the date to complete the Definitive Agreement to March 17, 2014;
(2) to further extend the date to complete the Definitive Agreement to March 31, 2014 (the “Second Extension”), in consideration of the Company paying GeoXplor a CDN$10,000 non-refundable deposit (the “Second Extension Deposit”);
(3) provided the Company has paid the Second Extension Deposit and the Second Extension has become effective, to further extend the date to complete the Definitive Agreement to April 30, 2014, in consideration of the Company paying GeoXplor a CDN$10,000 non-refundable deposit; and
(4) to ratify and confirm all other terms of the MOU (see Company’s news release of November 19, 2013).
The Transaction will be subject to the completion of the Definitive Agreement by the parties and receipt of all required regulatory approvals to the Transaction.
In other news, the Company is pleased to announce that shareholders voted in favour of all items of business brought before them at the company’s Annual General Meeting held on February 28th 2014. The Company reports that Robert Mintak, Grant Hall, Michael Dake and Jeremy Poirier were re-elected Directors of the Company.
Mr. Mike Liddle did not stand for re-election. The Board would like to extend its sincere thanks to Mr. Liddle for his service and contribution to the Company. The shareholders of the Company also appointed Gerhard Jacob M.Sc., EurGeol, as a new board member.
Mr. Jacob has over 25 years of experience as a professional geologist. He is currently a Consulting Geologist/Project Manager for Tagish Lake Gold Corp. and has held various positions with several mining companies including Goldmark Minerals Ltd., Oromonte Resources Inc., Golconda Resources Ltd. and Iscor Ltd. Mr. Jacob earned a M.Sc. Geology from the University of Goettingen, Germany.
Shareholders also approved the Company’s stock option plan and the appointment of Mackay LLP Chartered Accountants as the Company’s Auditor.
On behalf of the Board of Directors,
“Robert Mintak”
Chief Executive Officer
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