Sep 09, 2015 (ACCESSWIRE via COMTEX) — VANCOUVER, BC / ACCESSWIRE / September 9, 2015 / Gainey Capital Corp. (GNC) (pinksheets:GNYPF) ("Gainey" or the "Company") is pleased to announce that it has signed a Letter of Intent and Processing Agreement ("Agreement") with Vetas y Minerales Mining, S.A. de C.V. ("Vetas y Minerales Mining") to process mineralized material from Vetas y Minerales Mining's mineral property ("Property") in Acaponeta, Nayarit at Gainey's 100%-owned, 300-tpd processing centre located outside of Huajicori, in Nayarit, Mexico.
Gainey has been sampling mineralized materials from Vetas y Minerales Mining's Property over the past 60-days and has agreed to commence processing of ~1,800 tons of mineralized material starting the week of September 14, 2015.
Under the terms of the Agreement, Gainey and Vetas y Minerales Mining have agreed to a 50/50 profit split from proceeds generated from the sale of concentrate after all expenses are paid.
Vetas y Minerales Mining is a privately held Mexican mining company headquartered in Mazatlan, Sinaloa with mining operations in various locations around the Acaponeta, Nayarit area. Vetas y Minerales Mining's representative, Alan Frias Lopez, is quoted as saying, "We are excited to work with a group like Gainey who has such extensive technical expertise. We have been sampling mineralized material with them over the past 60-days and they have proven to be a very strong processing partner. We look forward to continuing our work together."
David Coburn, CEO of Gainey Capital, commented, "This is our first foray into a profit sharing business model, which we're confident will be a very successful endeavour. With Vetas y Minerales Mining's extensive knowledge of the area and strong financial backing, we feel this partnership will be mutually beneficial for both companies and will create significant value for our shareholders."
About Gainey Capital Corp.
Gainey Capital is a gold and silver exploration, development and mineral processing company exploring an aggregate of 192-km2 strategically located in the gold/silver-rich Sierra Madre Occidental Trend in western Mexico. The company's processing centre, located outside of Huajicori, in Nayarit, Mexico, is capable of processing up to 300 tons of mineralized material per day and the company has the capability to upgrade to 600 tons per day with a low capital expenditure. Additional information on Gainey Capital, its current operations and its vision is available on the Company's website at www.gaineycapital.com or from [email protected].
ON BEHALF OF THE BOARD OF DIRECTORS
"David Coburn"
David Coburn, Chief Executive Officer
For information, please contact the Company:
Phone: 480-347-8904
E-mail: [email protected]
Website: www.gaineycapital.com
FORWARD LOOKING STATEMENTS: This press release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.
SOURCE: Gainey Capital Corp.
Original Article: http://www.gaineycapital.com/8-news/70-gainey-and-vetas-y-minerales-mining-sign-letter-of-intent-and-processing-agreement.html
