C Level Bio International Holding Inc. Announces A Conditional Agreement To Acquire All The Common Shares Of Nevada Exploration Inc.
October 11, 2006
C Level Bio International Holding Inc. ("C Level") (TSX V: CLV.P), a Capital Pool Company in accordance with the policies of the TSX Venture Exchange Inc. (the "TSX V"), is pleased to announce a conditional agreement to acquire all of the issued and outstanding common shares of Nevada Exploration Inc. ("NXI"). This will constitute the qualifying transaction of C Level. The qualifying transaction is subject to various conditions such as its approval by the board of directors of C Level and of NXI, the completion of a concurrent private placement of a minimum of $1,000,000 as well as obtaining the approval of the TSX V. Furthermore, the TSX V has not considered the merits of the contemplated qualifying transaction. A more detailed press release will be subsequently published in order to provide additional details on the contemplated qualifying transaction.
The value of the transaction is evaluated at $10,500,000 which will be entirely paid by issuing up to 70,000,000 common shares of C Level at a presumed price of $0.15 per share.
NXI is a Toronto-based junior exploration company focused on gold exploration in Nevada. NXI has 100% ownership interest in two exploration properties in Nevada's major gold trends and is lead by a highly experienced management team.
The Fletcher Junction Property is located within the volcanic-hosted Aurora mining district along the Walker Lane Gold Trend. NXI controls the entire target with a land position consisting of a contiguous block of 342 unpatented lode claims (11.0 square miles), subject to a 1.25% net smelter return. NXI's geochemical sampling programs have shown highly anomalous gold in water, vegetation, and soils along a 4 mile long target zone; 150 quartz vein boulder rock samples were collected from along the target zone and report highly anomalous gold up to 2.9 oz/t (90.5 g/mt). Permitting with the United States Forest Service for 20 drill sites has been approved and is now in the final, bonding stage.
The Hot Pot Property is located along the Battle Mountain - Eureka Gold Trend and lies approximately five miles north - east of Newmont's five million ounce Lone Tree Mine. NXI has leased the exploration and mining rights on 3.4 square miles of private ranch land, which is subject to an aggregate 4.25 net smelter return. NXI's first phase drilling encountered shallow, hydrothermally altered bedrock with geochemically anomalous gold of up to 369 ppb (0.369 g/mt.). Second phase drilling will be directed by the results of recent groundwater, soil, and soil-gas chemistry surveys.
NXI's exploration team is lead by Wade Hodges, Chief Exploration Geologist. Mr. Hodges has over 30 years of exploration experience, including 13 years as an Exploration Geologist and Sr. Exploration Manager of Santa Fe Pacific Gold Corporation, and he has been intimately involved in the initial discovery and pre-mine development of nine gold mines in the western US, totalling more than 30,000,000 ounces of gold. Ken Tullar, NXI's Chief Operating Officer, has over 25 years of exploration including 20 years in Nevada. Mr. Tullar has worked for Nerco Minerals, Echo Bay Explorations, and LAC minerals, and was involved in the discovery and development of five gold mines with resources totalling more than 7,000,000 ounces of gold.
In conjunction with acquiring the two properties, NXI and its predecessor company have spent about $2,000,000 to develop proprietary groundwater chemistry exploration technology and has completed the first ever survey of Nevada's groundwater chemistry. Management believes that the results of NXI's groundwater chemistry program are significant in that they have demonstrated that Nevada's gold deposits exhibit recognizable groundwater chemistry. NXI used this technology to identify the Hot Pot and Fletcher Junction targets and is moving forward to acquire additional targets that it has identified.
The TSX Venture Exchange Inc. does not accept responsibility for the adequacy or accuracy of this press release.
The prospectus of C Level Bio International Holding Inc. can be consulted on SEDAR's website at the address: http://www.sedar.com
For further information
Daniel Pharand, President, C Level Bio International Holding Inc., (514) 984-4431, email@example.com
Wade Hodges, President, Nevada Exploration Inc., (775) 359-7740, firstname.lastname@example.org