Sedex Mining Acquires Canadian Gold Property

28 September 2009 (Last Updated September 28th, 2009 18:30)

Sedex Mining has acquired the Godfrey gold property south-west of Timmins in Ontario, Canada. The site comprises eight units situated in Godfrey Township, Porcupine Mining Division, close to West Timmins Mining, along the Mattagami River Fault. The deal, subject to regulatory

Sedex Mining has acquired the Godfrey gold property south-west of Timmins in Ontario, Canada.

The site comprises eight units situated in Godfrey Township, Porcupine Mining Division, close to West Timmins Mining, along the Mattagami River Fault.

The deal, subject to regulatory approval, includes a cash payment of $35,000 and 200,000 shares, payable over three years.

A 2% net smelter return is payable, half of which may be purchased for $1,000,000.

To date, the Timmins Camp has generated more than seven million ounces, a major portion of which was mined near the Destor-Porcupine Fault Zone.

Data from earlier exploration activity is being analysed by Sedex and will be used as a guide for future exploration programmes.