WEST VANCOUVER, British Columbia (Marketwire). - Carmax Mining Corp. is pleased to announce that a four-person team will be visiting the Dominican Republic this week to perform an initial site inspection and reconnaissance of the two concessions, La Angostura and El Rio.
Additional objectives for the team include establishing legal representation in the country and meeting with various government officials.
About La Angostura and El Rio
Carmax has signed a Letter of Intent (see company release January 21, 2013) to acquire a 100% interest in two mineral concessions covering approximately 14,000 Ha.
They are located in central Dominican Republic, in a geological setting that is considered highly prospective for the discovery of bulk tonnage gold deposits.
The LOI requires aggregate payments of US$500,000 (US$15,000 paid), issuance of US$5,000,000, and a commitment to spend up to US$1,700,000 in exploration and development costs over a three year period.