Exploration Brex eyes prospect in Guyana

Exploration Brex (BX.A-M) will acquire a non-alluvial diamond and gold exploration project in northeastern Guyana.

The 66-sq.-mile area, at the headwaters of the Mazuruni River, is better known for its alluvial prospects. Brex can acquire the project by issuing 450,000 shares upon closing, paying US$30,000 within 20 days of closing, and spending US$100,000 on exploration. The government of Guyana will collect a 5% royalty.

The current owner will retain alluvial rights to the property, with Brex retaining rights to the lode potential. Upon any commercial production, Brex can buy the alluvial rights, along with a 2% net smelter return royalty on alluvial production.