Status Of Joint Venture At Bruner Gold Project

VANCOUVER – Canamex Resources Corp. and Patriot Gold Corp. reported on the status of activities and recent developments at the Bruner gold project in Nye County, Nevada. Pursuant to a 2010 agreement between Canamex Resources U.S., Inc. and Provex Resources Inc. (a Patriot Gold subsidiary), Canamex has informed Patriot that Canamex has incurred the expenditures required for it to earn an undivided 70% interest in the Bruner gold project. Patriot Gold is in the process of confirming those expenditures, and Canamex has offered to make sufficient information available for Patriot Gold to complete that task. At the same time, the parties are negotiating regarding a more comprehensive joint venture agreement that will supersede the 2010 agreement and govern the joint venture going forward.

Among the key assets at the Bruner gold project are 26 patented mining claims. In a November 2, 2015 news release, Canamex announced that it had completed the purchase of the patented claims for US$760,000, securing ownership of those claims for the joint venture and saving the joint venture US$425,000. Canamex purchased the claims directly from American International Ventures Inc. (AIVN), subject to Patriot Gold’s rights under an Option Agreement dated April 1, 2009 that gives Patriot Gold the ability to purchase those patented claims by making a final payment of US$1,185,000 on or before April 1, 2016. Both Canamex and Patriot Gold expect, however, that those patented claims will be conveyed to the joint venture once the more comprehensive joint venture agreement is executed.