Dominican Republic Projects

Carmax signed a Letter of Intent to acquire ownership of a British Columbia Corporation and its wholly owned Dominican Republic subsidiary specifically for the purpose of acquiring the underlying assets of the subsidiary which consists of a 100% interest in and to two mineral exploration concessions located in the Dominican Republic.  The aggregate consideration payable for the assets acquired will the sum of $500,000, 5,000,000 shares and a commitment to spend up to $1,700,000 in exploration and development of the claims over a period of three years.

The applications made to the Ministry Industry and Commerce of the Dominican Republic is for the grant of concessions to properties known as La Angostura and El Rio both located in the Tireo Belt of central Dominican Republic.

The two concessions are located approximately 40 km west of the Pueblo Viejo mine (owned by Barrick Gold 60% and Goldcorp Inc 40%) operated by Barrick, which contains a proven and probable reserve of 25.3 million ounces of gold, and achieved commercial production on January 15, 2013 (Barrick news release January 15, 2013).

 Regional Tireo Trend Discoveries

In addition to the GoldQuest discoveries, recent work by Unigold Inc has led to several discoveries on its Neita project located to the northwest of GoldQuest within similar geology. Unigold is drilling at Neita in advance of preparation of a maiden 43-101 compliant resource calculation for the Candelones zone. Further to the northwest on the Haitian side of the border JV partners Eurasian Minerals and Newmont are drilling at the Savane La Place prospect on their La Miel project. La Miel is described as epithermal mineralization occurring in the same Tireo rock sequence where previous trenching has returned up to 243 metres grading 1.71 g/t gold (Eurasian Minerals website).

The Tireo Trend recently gained major prominence when GoldQuest announced its latest discovery, Romero, north of Escandalosa on the Las Tres Palmas concession. Highlights from drill results released by GoldQuest to date from Romero including the following notable intercepts (GoldQuest website):

Hole 90: 231 metres grading 2.41 g/t Gold and 0.44% Copper
Hole 92: 159 metres grading 4.45 g/t Gold and 0.95% Copper
Hole 93: 258 metres grading 4.50 g/t Gold and 1.30% Copper

Mineralization at Romero, like Escandalosa, is hosted by Upper Tireo dacites. The Romero discovery remains open in all directions.

Maps