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The contract, valued at USD $6 million, is to provide exploration services over MPX's La Guajira mining permit in Colombia, South America, with initial field work scheduled to commence immediately. The contract will proceed through successive stages over a projected three year exploration period with a minimum commitment of $2 million in the first year, open to extension of size and scope. Services will initially consist of the program management, collection, processing and interpretation of a series of high resolution 2D seismic profiles. Upon completion of the initial field operations, Kinetex will assist in the analysis of the survey results and the development of further exploration and development plans.
The objective of the contract is to provide a high-resolution map of structural and stratigraphic features in the subsurface, to delineate coal seam thickness and direction, and to identify possible lithology or fault hazards in preparation for long wall- or open-cut coal mine planning and development.
MPX's mining rights comprise an area of over 78,000 hectares located in two thermal coal producing regions of Colombia - Cesar and La Guajira. The coal from these regions, having proven geological resources estimated at over 150 million tons, is recognized for its outstanding quality with high calorific values and low percentages of ash and sulfur.
"We are very proud to be working with MPX on this project," said Gil Schneider, CEO of Kinetex. "It is the stated objective of MPX to advance the properties to the resource certification and mine development stage as rapidly as possible. The application of multi-component seismic data, correlated and validated by MPX's aggressive drill program, will lay the foundation for a cost-effective and timely exploration program and provide a geological model that will form the basis for decisions made with confidence by MPX's geologists and mining engineers."
About MPX Energia S.A.
MPX Energia S.A., an EBX Group company based in Brazil, focuses on the energy sector, with a diversified generation portfolio, maintaining activities in fuel supply, generation and commercialization of energy. MPX operates in such countries as Brazil, Colombia and Chile.
About Kinetex
Kinetex is an oil, gas and mineral exploration services company with offices in Vancouver, BC, Calgary, Alberta and Bogota, Colombia. Through its subsidiaries, Kinetex provides data-rich high resolution subsurface images - essentially a brand-new exploration tool - to the energy, metals and minerals exploration and development industries seeking to go beyond the limitations of traditional data acquisition methods.
The Company seeks safe harbour.
SOURCE: Kinetex Resources Corporation
Kinetex Resources Corporation Gil Schneider Chief Executive Officer 604-484-5761 or Toll-Free: 1-888-484-5761 604-484-5760 (FAX) gil@kinetex.ca www.kinetex.ca
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