VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 8, 2013) - Geologix Explorations Inc. (the "Company" or "Geologix") (TSX:GIX)(OTCQX:GIXEF)(FRANKFURT:GF6)(BERLIN:GF6)(MUN:GF6)(STUT:GF6) is pleased to announce that it has sold its Silver Cloud Property ("Silver Cloud") in northern Nevada to Rimrock Gold Corp. ("Rimrock Gold"), a Nevada corporation (OTCQB:RMRK).
"Following the release of a positive Prefeasibility Study in March, management at Geologix is squarely focused on the advancement of the Tepal Project in Mexico," stated Dunham Craig, Geologix's President and Chief Executive Officer. "The sale of Silver Cloud will further streamline Geologix, and ensure that this promising Nevada project will receive the resources that we believe it deserves."
Pursuant to the terms of the Purchase Agreement, the Company has sold all of its interest in 552 unpatented lode mining claims ("Mining Claims") that constitute the Silver Cloud Property. Rimrock Gold has agreed to issue 500,000 shares of its common stock to Geologix, of which Geologix is required to assign 100,000 shares to Teck Resources Inc. In addition, if Rimrock Gold delineates more than two million ounces of gold in proven and probable reserves on the Mining Claims, then Rimrock Gold will issue a further 250,000 shares of common stock to Geologix.
ABOUT GEOLOGIX EXPLORATIONS INC.
Geologix Explorations Inc. is a mineral exploration and development company focused on the acquisition, exploration, and development of mineral resource opportunities that possess the potential to host viable and economic mineral deposits. The Company's primary focus is its 100% owned Tepal Gold-Copper Porphyry Project in Michoacán state, Mexico.
On behalf of the Board of Directors,
Dunham Craig, President & CEO
