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IRW-Press: Gilax Corp. (GLXC) Signs Letter Of Intent (LOI)

Published on 04 February 2014

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by Press Office

(IRW-PRESS and WireNews)

Vienna, Austria

Gilax Corp. trading symbol: (GLXC) today announced the signing of a Letter of Intent (LOI) to acquire the Katty Poly Metallic Mine and concessions located in Tupiza, Bolivia.

Under the terms of the Agreement, GLXC will have the exclusive right to conduct independent due-diligence for a period of 90 days. Upon obtaining satisfactory results GLXC will formalize a Purchase and Sale Agreement to acquire the mine and concessions held by Edwin Elar Portugal Leon. GLXC is currently reviewing the geological studies and production records of the mining operations.

Bolivia's Katty Mine is located approximately 3 km from the town of Tupiza (a well-known mining town with all the government mining service offices including SENARECOM and SERGEOTECMIN, mine materials shops, explosives providers, etc.), The Katty Mine is located in the middle of one of the more prolific primary Bolivian silver/lead/zinc mining areas. The Katty Mine has three producing ore veins/zones that run for various kilometers underground and which were being mined. Production records and laboratory analysis reports confirm steady monthly outputs of silver ore ranging from 6 DM to 9 DM (600 to 900 grams) of silver per ton of ore mined.

Full descriptions of the mine and concessions will be posted on the company website www.gilax.net in February 2014. Company representatives will be meeting with the mine owner and conducting onsite inspection of the mine and facilities the week of Feb. 17th.

“I am excited about the potential of Katty Mine and concessions. Mine production records and geological surveys have shown, proven tonnage and extensive reserves. We are anxious to conclude our independent testing of the mine and concessions”, said the President, Tzetzangari Ibarra.

About Gilax Corp.

Gilax Corp. (OTC-QB: GLXC) is a mineral exploration company concentrating its generative efforts in Mexico's Cortez Trend, Peru and Bolivia. Our focus is exploration - the stage that offers the strongest rewards and growth potential for shareholders. Mitigating the risk of exploration is done through our joint venture business model and strategic alliances, both allowing us to be active on several projects, Led by some of the most experienced and talented geologists, Gilax Corp. is committed to the exploration and discovery of world-class deposits in some of the most promising mineral districts in the world

The information in this press release constitutes 'forward-looking information'. Other than statements of historical fact, all statements are 'Forward-Looking Statements» that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these 'Forward-Looking Statements'. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.


  • Joachim Brunner
  • IRW-Press
  • PR Contact
  • Tel: +43724221193011
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Posted 2014-02-04 10:19:00