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Canamex Resources Adds Hecla Exec Dr. Dean McDonald To Its Board

Jul. 31, 2013 3:28 PM ET
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Canamex Resources Corp. (CVE:CSQ) (OTCQX:CNMXF) has appointed Dr. Dean McDonald, currently silver miner Hecla Mining's (NYSE:HL) senior vice president of exploration, to its board of directors.

"Dean is experienced in all aspects of mineral exploration, and is a welcome addition to the team as we continue to progress our Bruner Gold Project in Nye County, Nevada," said Canamex chairman and CEO Robert Kramer.

Late last year, the company announced a strategic investment from Hecla of $2.52 million, taking up 14 million shares for a 14.84 per cent stake in the junior explorer at closing.

For so long as Hecla holds more than 10 per cent of Canamex's outstanding shares, the company has the right to maintain its interest in Canamex and nominate one person to the board.

Earlier this month, Canamex reported a new high grade gold intercept at its Penelas East discovery area found on its Bruner gold project in Nevada. A new drill pad in the region was constructed in June, located 90 metres north of the initial discovery hole found last summer, and 140 metres north of the high grade gold intercept announced in April.

The new hole, B-1316, cut 1.5 metres grading 37.9 grams per tonne (g/t) gold, from between 340 to 345 feet, within a wider zone averaging 4.27 g/t gold over 21.3 metres.

Two more holes near the area have already been drilled, with results pending, while another hole is also being drilled to intersect the high grade structure 100 feet above the intercept in the latest hole completed.

The Canadian listed junior has the right to earn a 70 percent interest in the Bruner project by spending $6 million on it before May 2017, and can boost its stake by a further 5 percent by finishing a bankable feasibility study.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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