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Auramex Resource off-loads Mexican subsidiary to Bowering Projects

The directors of Auramex Resource Corp. approved the sale of the company's Mexican subsidiary, Exploración Auramex SA de CV, to Bowering Projects Ltd.

The deal requires Bowering to pay all back taxes and penalties, in the amount of approximately C$250,000, and C$5,000 on execution of the contract, according to a Dec. 5 statement.

Following confirmation of the required tax payments, the company will transfer all shares of the subsidiary and Bowering will replace Judie Whitby as sole administrator.

Auramex noted that historical reports include polymetallic assays, including cobalt mineralization, and Bowering will work on restoring certain concessions that were recently declared canceled.