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| | | April 02, 2009
Georox Resources Inc. Announces Lapse Of Mining Concessions In Ecuador
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| | Nelson, British Columbia, Canada, April 2, 2009: Georox Resources Inc. ("Georox" or the "Company") (GXR:TSX-V; OF6A:FRA) announces that it has decided not to make annual concession payments on any of its mining concessions in Ecuador. Consequently, all of the Company's mining concessions will lapse. The Company's concessions have been significantly adversely affected by the Government of Ecuador's implementation of changes to the country's constitution and mining law on January 29, 2009 and general political and business climate in Ecuador and the Company has determined that it is uneconomic for it to continue operations in 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 trades its common shares on the TSX Venture Exchange under the symbol GXR and 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
For further information:
Burkhard Franz, President and CEO
Georox Resources Inc.
Suite 206, 507 Baker Street
Nelson, British Columbia V1L 4J2
Tel: (250) 352-9923 Fax: (250) 352-9926
Cautionary Statement:
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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. |
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