Corporate Update; Name and Symbol Change to Intercontinental Gold and Metals Ltd.; October 2017 Gold Exports Increase to Over 3,000 Ounces
Toronto, Ontario--(Newsfile Corp. - November 6, 2017) - Geodex Minerals Ltd. announces that, further to its press release of October 12, 2017, it has changed its name from "Geodex Minerals Ltd." to "Intercontinental Gold and Metals Ltd.". The company has also changed its ticker symbol from "GXM" to "ICAU".
Effective at the opening of the market today, the common shares of Intercontinental Gold and Metals Ltd. will trade on the TSX Venture Exchange under the symbol "ICAU". The CUSIP number assigned to the company's shares following the name change is 458571106.
Intercontinental Gold and Metals Ltd. (TSXV: ICAU) ("ICAU" or the "Company") is a Next Generation Mining and Metals Company that has successfully re-structured into a sustainable, revenue generating, gold and metals trading business. Our October 2017 gold exports increased to over 3,000 ounces versus over 2,300 ounces reported for September 2017. Gold trading activity continues to be strong with Artisanal and Small Gold Mining ("ASGM") client offerings exceeding available working capital.
Our expansion strategy in Bolivia and elsewhere in Latin America ("LATAM") is well underway. Applications for entry into other LATAM ASGM markets have been initiated with initial trading and exports forecast for Q1 2018. ICAU is the only publicly listed company servicing the LATAM ASGM export market.
Forward guidance for the month of November 2017, assuming average gold price of US$1270 per ounce, is for gold exports in the range of 90 to 100 kgs.
Gorden Glenn, President and CEO commented "We continue to execute our strategy to grow both our top and bottom line financial results. While our top line results can be impacted by fluctuations in gold price or seasonal production fluctuations, our bottom line results are largely unaffected. The potential of the LATAM ASGM market continues to improve and we see expansion opportunities leading to higher monthly gold exports, trading revenues and profits as we expand operations in Bolivia and access other LATAM markets."
About Intercontinental Gold and Metals Ltd.
ICAU has successfully transformed itself into a Next Generation Metals and Mining Company. The Company has been structured to provide high leverage to commodity prices, sustainable revenue generation to achieve above average growth and a high return on invested capital for our stakeholders. We are unique being the only publicly listed company servicing the LATAM ASGM market.
ON BEHALF OF THE BOARD OF DIRECTORS
INTERCONTINENTAL GOLD AND METALS LTD.
President & Chief Executive Officer
For further information, please contact;
Investor Relations at 647-985-2785 or Barry Mire, Renmark Financial at 514-939-3989
Forward Looking Statements
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expect, are forward-looking statements. Actual results or developments may differ materially from those in forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.