Hemis Corporation (HMSO.OB) announced today that Corex Gold Corp. (TSX-V: CGE) has received its first formal quarterly property report from Goldcorp Inc. (NYSE: GG- TSX: G) through its Mexican subsidiary Glamis Exploration S.A. de C.V. Under the Agreement Goldcorp has the right to earn up to an 80% interest in Corex’s Santa Rita and Zuloaga (collectively ‘Zuloaga’) concessions in the states of Zacatecas and Coahuila. The Zuloaga Property that encompasses 39,878 hectares is located in the Sierra Madre Oriental and is approximately 15 km from Goldcorp’s Penasquito deposit.
Regarding the Penasquito property, Goldcorp has reported that as of June 2006 Penasquito has proven and probable gold reserves totaling 9.98 million ounces. Silver reserves were 575 million ounces while lead and zinc totaled 1.67 million tonnes and 3.62 million tonnes respectively. Initial mine start up is expected in late 2008 with full production reached by late 2009.
To date Goldcorp’s activities have been primarily organizational in character. Since the signing of the Earn-In Agreement, Goldcorp has mobilized a geological team and set up office space in the Melchor Ocampo area. The Earn-In Agreement provides Goldcorp can Earn-In to a 70% interest in the Zuloaga property by spending US$4,000,000 over a 5-year period and paying Corex US$150,000 over an 18 month period.
Hemis Corporation has an option to acquire a 49% interest in Corex Gold’s interest in the Santa Rita property upon payment to Corex Gold US$950,000 and 200,000 shares of Hemis Corporation over 2 years.
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