Gold Express Mines, Inc. (“Gold Express” or the “Company”) is pleased to announce that it has sold its ownership of its Cerro Blanco Project, located in Region 3 of Chile, to Key Metals Corp (“Key Metals”). The sale of the Cerro Blanco Project was accomplished through the sale by the Company to Key Metals of all the shares of capital stock of Cerro Blanco Titanium Corp. (“Cerro Blanco”), a wholly owned subsidiary of
the Company. Cerro Blanco owns 100% of the Chilean company that owns the mining concessions and other assets comprising the Cerro Blanco Project.
Cerro Blanco is a large and well understood titanium development project containing measured and indicated resources of over 111,000,000 tonnes. The deposit is unusual in that it contains titanium as the mineral rutile, with few iron and other impurities. This makes the project potentially more valuable to processors and end users of titanium pigments and other titanium applications.
The purchase price of the sale of the Cerro Blanco Project consisted of the issuance by Key Metals to the Company of 17,500,000 shares of common stock of Key Metals valued at $2,887,500. The Company anticipates undertaking a distribution of a substantial portion of such Key Metals shares to its shareholders on a pro-rata basis and will provide further information on this distribution as details become available.
The Company originally purchased the Cerro Blanco Project in stages in late 2022 and early 2023 for an aggregate purchase price of $2,251,950, consisting of $1,501,950 in cash and $750,000 shares of common stock of the Company.
The Company looks forward to providing further updates on this transaction and on other Gold Express news as it becomes available.
ABOUT GOLD EXPRESS MINES, INC.
Gold Express Mines is a US-based, multi-commodity mining company focused on the discovery, development and production of precious and base metal assets focused on historic mining districts and other known mineralized areas.
ABOUT KEY METALS CORP.
Key Metals Corp. is a U.S. based exploration and development company with an earn-in agreement on the Fiel Rosita copper project located in Region 3 of Chile. Fiel Rosita is a major copper project of over 300,000,000 tonnes in all resource categories containing more than three billion pounds of copper equivalent metal. Additionally, Key Metals owns three copper exploration projects in the Western U.S. which are high quality exploration projects.
ABOUT KEY METALS CORP.
With the addition Cerro Blanco, Key Metals now controls two major projects located in proximity which are both potentially world class mining assets. Further updates on Key Metals will be forthcoming as the business plan is advanced. Key Metals maintains a fully staffed office in Santiago, Chile and has a consulting
group of geologists, engineers, and other business professionals available in Chile to advance its business plans.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company.