Silvore Fox Minerals Corp.: Vendor Defaults on Madagascar Project Sale
16.01.2012 | Marketwire
TORONTO, ONTARIO -- (Marketwire - Jan. 16, 2012) - Silvore Fox Minerals Corp. (the "Corporation" or "Silvore Fox") (TSX VENTURE:SFX) announces that Gaea Mining Co Ltd. Sarl ("GAEA") has failed to perform its obligations under the previously announced binding letter of intent signed with the Corporation in April 2011 regarding the sale to the Corporation of a 55% interest in two copper properties in the Maindelanu region of western Madagascar. In particular, GAEA was not able to deliver title to the properties on or before January 15, 2012 and is therefore in default under the terms of the letter of intent.The Corporation is conferring with its legal advisors in Madagascar regarding potential legal recourse against GAEA as a result of this breach.
About Silvore Fox Minerals Corp.
Silvore Fox Minerals Corp. is a Toronto, Ontario, Canada based public mineral exploration company, focused on base and precious metal exploration projects. On November 17, 2010, the Corporation entered into a Strategic Agreement with Beijing Donia Resources Co. Ltd. ("Donia") at the China International Mining Conference, 2010. Donia is the single largest shareholder of Silvore Fox currently holding approximately 30% of the Corporation's outstanding shares. This strategic partnership provides the Corporation with a strong platform for growth through mineral exploration expertise, funding and strategic acquisitions. The Corporation has an experienced management and geological team.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDED (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
Silvore Fox Minerals Corp.
Harry Cabrita, President and CEO
(416) 847-0189
(416) 847-0157 (FAX)
ir@silvorefox.com