Acrex Ventures Ltd

Published : July 31st, 2012

Agrees to Sell its Spanish Mountain Mineral Claims

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Keywords :   Canada | Gold |

Tuesday, July 31, 2012 NEWS RELEASE
 
 
Acrex Agrees to Sell its Spanish Mountain Mineral Claims

Acrex Ventures Ltd. ("Acrex") and Spanish Mountain Gold Ltd. ("SMG") have entered into an Agreement dated July 25, 2012, pursuant to which Acrex has agreed to sell to SMG its mineral claims which are located in the Spanish Mountain area near Likely, British Columbia. The sale is of 11 claims "Claims") covering a total of 1,526 hectares.

The consideration for the sale which SMG must pay or issue to Acrex will be:
  1. a cash payment of $500,000;
  2. 1,500,000 shares of SMG; and
  3. an additional cash payment of $250,000 or, at SMG's election to be made prior to the closing, the issuance of a further 500,000 shares in the capital of SMG.
There is also reserved to Acrex the right to receive a 4.0% net smelter return royalty which will be payable by SMG from and after the commencement of a commercial production from the Claims. SMG has the right to buy down the royalty reserved to Acrex from 4.0% to 2.0% by paying a total of $2 million of which $1,000,000 will be paid to Acrex and $1,000,000 to a former owner who reserved a 3.0% net smelter return royalty in the agreement by which he sold 10 of the Claims to Acrex - subject to a buy down of his royalty to 1.0% by the payment of $1,000,000.

The closing of the sale will be subject to the completion by SMG of due diligence and the acceptance of the agreement for filing by the TSX Venture Exchange -- on which the shares of both Acrex and SMG are listed for trading.

Acrex's President and CEO, Malcolm Powell, commented "We are very pleased with this agreement with Spanish Mountain Gold Ltd. The sale of our Spanish Mountain area claims provides Acrex with working capital with no dilution of our shareholders and Acrex retains an interest in any future discoveries on the property through its NSR royalty. This will allow Acrex to focus its attention on its Rainbow Canyon Gold Property in Nevada, USA."

FOR FURTHER INFORMATION ON ACREX PLEASE CONTACT:

Investor Relations -
Tel: 604.618.1758
e-mail: info@acrexventures.com
Fax: 604.277.0815
website: www.acrexventures.com

ACREX VENTURES LTD.
T.J. Malcolm Powell,
President

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this News Release
 
 
FOR FURTHER INFORMATION ON ACREX VENTURES PLEASE CONTACT:
 
Investor Relations - Tel: (604) 618-1758
Fax: (604) 277-0815
e-mail: info@acrexventures.com
website: www.acrexventures.com
 
 
ACREX VENTURES LTD.

Per:
   T.J. Malcolm Powell,
   President

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this News Release.
 

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�2012 Acrex Ventures Ltd.
Disclaimer
Stock Symbol: TSX-V: AKV
Suite 2300-1066 West Hastings Street
Vancouver, British Columbia
Canada V6E 3X2
Tel: 604.618.1758
Fax: 604.277.0815
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Acrex Ventures Ltd

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CODE : AKV.V
ISIN : CA0049371085
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Acrex Ventures is a silver and gold exploration company based in Canada.

Its main asset in development is SPANISH MOUNTAIN in Canada and its main exploration property is GRIZZLY-KELLAR LAKE in Canada.

Acrex Ventures is listed in Canada and in United States of America. Its market capitalisation is CA$ 407 600 as of today (US$ 382 492, € 280 252).

Its stock quote reached its highest recent level on December 29, 2006 at CA$ 0.46, and its lowest recent point on July 09, 2014 at CA$ 0.01.

Acrex Ventures has 40 760 000 shares outstanding.

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Annual reports of Acrex Ventures Ltd
2007 Annual report
2006 Annual report
Project news of Acrex Ventures Ltd
12/13/2011(Spanish Mountain)Continues to Define a Gold-Bearing Corridor on its Spanish M...
9/13/2011Commences Exploration on its Rainbow Canyon Gold Property, N...
8/4/2011Plans Drill Program for its Rainbow Canyon Property, Nevada
5/3/2011Provides Update on its Rainbow Canyon Gold Property in Nevad...
3/31/2011Purchases Nevada Gold Property
8/23/2010(Spanish Mountain)Extends Priority Gold Target On Its Spanish Mountain Propert...
8/10/2010(Spanish Mountain)Discovers Priority Gold Target On Its Spanish Mountain Prope...
7/6/2010(Spanish Mountain)Completion of Soil Sampling and Prospecting Programs
1/8/2009Intersects Gold in Diamond Drilling of Don's Lake Gold Prope...
12/31/2008(Honeymoon Property)grants options, files SEC Deregistration and terminates Hone...
11/5/2008(Don's Lake)Completes Diamond Drilling Program on Don's Lake Gold Proper...
9/4/2008Undertakes Diamond Drilling on its Don's Lake Gold-Uranium P...
7/30/2008(Timmins - Whitney Township)Moneta JV Confirms and Expands "55 Zone" Gold Mineralization...
Corporate news of Acrex Ventures Ltd
12/16/2013Holiday Wishes from all of us at Acrex Ventures
8/22/2012(Spanish Mountain)Closes Sales of Spanish Mountain Mineral Claims
7/31/2012(Spanish Mountain)Agrees to Sell its Spanish Mountain Mineral Claims
5/8/2012MD&A and Financials
12/19/2011Happy Holiday Wishes from Acrex Ventures Ltd.
6/6/2011' Rainbow Canyon Property Purchase Accepted By Stock Exchang...
6/1/2010Commencement of the 2010 Exploration Program on its Cariboo ...
5/18/2010Options Grizzly-Kellar Property In The Chibougamau Region Of...
4/7/2010To be featured on CEO Clips Airing on the Business News Netw...
3/16/2010CEO Clips is featuring Acrex Ventures on The Biography Chann...
12/9/2009Sells its 50% Michaud Joint Venture Interest for $1,000,000
6/2/2009Announces the Launch of Its New Corporate Website
3/3/2009to be Featured on CEO Clips on The Biography Channel
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