TSX Venture Exchange: IVO
VANCOUVER,
Oct. 24, 2012 /CNW/ - Invenio
Resources Corp. ("Invenio" or the "Company") announces that it is
has entered into a non-binding Letter of Intent ("LOI") with a
private oil company ("PrivateCo") setting out the basic terms of
the parties' intention to enter into Farmout agreements whereby
Invenio will participate in drilling two exploration wells in
southeast Saskatchewan.
Invenio will be required to contribute 50% of the drilling costs or
$1.5 million and after payout Invenio
will retain a 25% working interest in the two wells.
The LOI provides that Invenio will have the option to participate
in a third well on the same terms as the first two wells.
PrivateCo has 21 producing wells and two processing plants in the
area of the proposed wells and will be the operator of the drilling
program.
The LOI provides that Farmout agreements will be prepared upon
Invenio funding a minimum of $1.5
million before December 15,
2012 and will be subject to the requisite approval of the
TSX Venture Exchange.
The Company maintains an option to earn a 60% interest on the
Green Springs gold project in Nevada.
About Invenio Resources Corp.
Invenio Resources Corp is a Canadian based exploration company. The
Company's common shares are listed on the TSX Venture Exchange and
trade under the symbol IVO. Invenio has an option to earn a 60%
interest on the Green Springs gold project, Nevada. The Green Springs deposit, a
past producer, is near surface, oxidized and interpreted to be
Carlin style.
ON BEHALF OF THE BOARD OF DIRECTORS OF INVENIO RESOURCES CORP.
"Ken Booth"
Ken Booth,
President
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. This news release
contains forward-looking statements. Forward-looking
statements address future events and conditions and therefore
involve inherent risks and uncertainties. Actual results may
differ materially from those currently anticipated in such
statements.
SOURCE Invenio Resources Corp.