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| | | March 23, 2009
Georox Resources Inc. Update, Year-End Results And Change In Officers
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| | Nelson, British Columbia, Canada, March 23, 2009: Georox Resources Inc. ("Georox" or the "Company") (GXR:TSX-V; OF6A:FRA) is pleased to provide the following update and financial results for the year-ended December 31, 2008.
Overall Performance
The Company's 2008 performance has been significantly affected by the Government of Ecuador's implementation of changes to the country's constitution and mining law. The process included a mining moratorium established April 18, 2008. This has now expired upon the enactment of the country's new mining law January 29, 2009. However, the Company has continued the suspension of its exploration activities in Ecuador at least until the new mining regulations are fully adopted and evaluated by the Company.
The Company recorded a loss of $1,161,465 for the twelve months ended December 31, 2008. Working capital at year end was $1,375,627.
Exploration Properties
The Company's mining exploration properties in Ecuador now include the following:
Marissa Property -- This 100% owed property consists of 3,025 hectares located in the Azuay province, Ecuador, about 55 km south of the city of Cuenca. The title is currently in full force and effect.
Virgen del Cisne Property -- The Company's current Virgen del Cisne Property titles in full force and effect include the following four concessions totalling 11,779 hectares: Jose Luis 6, Roble 1, Roble 2 and Roble 3.
Pangui Property -- In 2008, the Company retained four of its most promising concessions encompassing 16,380.70 hectares, namely; Ana, Moca, Pam and Pao. The Government of Ecuador has since cancelled all four concessions. The cancellations have been appealed by the Company and the appeal results are currently pending.
Chimbuza Property -- As reported in 2008, the Company decided to return the property to the previous owner as soon as practically possible after the Mining Mandate expired and the Government's new mining law and relevant regulatory procedures were enacted and fully implemented. The legal administrative process of returning the property to its previous owner is expected to be completed shortly.
For prior exploration activities and results in Ecuador, see the Company's MD&A as of December 31, 2007 and other such documents on SEDAR at www.sedar.com and on the Company's website at www.georoxresources.com.
Change of Officers
The Company announces that due to market conditions and a review of the direction of the Company, Mr. Bruce Cottingham will cease to be our Chief Executive Officer effective March 31, 2009. Mr. Burkhard Franz, President of Georox, will assume the role of Chief Executive Officer. Mr. Bruce Cottingham will remain as a director of the Company until the Company's annual general and special meeting of shareholders to be held on April 17, 2009.
In addition, the Company announces that Mr. Jim Brander, Chief Financial Officer, of the Company has resigned as Chief Financial Officer effective March 31, 2009 and Ms. Savi Franz has been appointed Chief Financial Officer of the Company effective April 1, 2009.
The Company wishes to thank Mr. Cottingham and Mr. Brander for their dedication and contributions to the Company and wishes them well in their future endeavours.
New Opportunities
Due to the changes in Ecuador's constitution and mining law that were enacted and implemented by the Government of Ecuador, the Company has begun to look for new opportunities in order to expand or change Georox's business. The Company will rely on the expertise of management and the Board of Directors of Georox as it carries out this review and will obtain shareholder approval of any changes in business or acquisition of assets, if required by the TSX Venture Exchange and/or applicable law.
About Georox
Georox Resources Inc. is a mineral exploration company engaged in the acquisition, development and exploration of mining properties. The Company is committed to the creation of shareholder value through the exploration and development of natural resources in an environmentally, economically and socially responsible manner within its host countries and communities. The Company has acquired mining concessions in Ecuador.
The Company trades its common shares and warrants on the TSX Venture Exchange under the symbol GXR and GXR.WT, respectively and its common shares on the Frankfurt Stock Exchange under the symbol OF6A.
For further information you can visit the Company's website at: www.georoxresources.com or view the Company's records on SEDAR at: www.sedar.com
Cautionary Statement:
The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of this release.
No stock exchange, securities commission or other regulatory authority has approved nor disapproved the information contained herein. This news release includes certain "forward looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of the Company, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are exploration risks detailed from time to time in the filings made by the Company with securities regulations.
For further information:
Bruce Cottingham, CEO
Georox Resources Inc.
Suite 206, 507 Baker Street
Nelson, British Columbia
Canada V1L 4J2
Tel: (250) 352-9923
Fax: (250) 352-9926 |
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| | You can view the Next News Releases item: Thu Apr 2, 2009, Georox Resources Inc. Announces Lapse Of Mining Concessions In Ecuador
You can view the Previous News Releases item: Tue Dec 16, 2008, Georox Resources Inc. Closes Private Placement Of 2,730,000 Units.
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