Canasil Receives Notice of 55% Option Earn-in from Orex to Form 55:45 Joint Venture at the Sandra-Escobar Project in Durango, Mexico

VANCOUVER, Jan. 16, 2017 /CNW/ – Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, “Canasil” or the “Company”) announces that Orex Minerals Inc. (TSX-V: REX, “Orex”) has provided notice of exercise of the first option for earn-in of 55% interest in Canasil’s Sandra-Escobar Project in Durango, Mexico.

Orex also notified Canasil that it would not be proceeding with the second option to earn an additional 10% interest in the project for a total of 65%. As a result the project will proceed as a 55:45 Orex:Canasil joint venture. Orex has paid Canasil $500,000 and incurred more than US$2,000,000 expenditures to exercise the first option under the terms of an option agreement with Canasil announced on September 15, 2015. Orex exploration programs have included over 10,303 metres of core drilling in 65 drill holes, a helicopter-borne magnetic and radiometric survey and extensive surface sampling and mapping in the southeast of the project area.

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