VAX Vantex Resources Ltd

Although Vantex Resources Ltd. (the "Company" or "Vantex")(TSX
VENTURE:VAX)(FRANKFURT:UD7A)(ALPHA:VAX) benefits from a sound financial
situation, management decided to reduce the Company's administrative cost
structure. These cost cutting measures will allow the Company to conserve more
cash in the short and medium term and possibly benefit from potential
opportunities that could arise, if difficult market conditions continue. 


The Company believes it can cut close to $400,000 of administrative costs
annually while maintaining development operations. The Company will keep its
market awareness program in collaboration with Avenue Modelcom Capital Partners
(AMCP).


Mr. Andre Brosseau, director of Vantex, was appointed as Chairman of the board,
in replacement of Mr. Guy Morissette. Mr. Morissette remains director and will
also act as President and CEO. Mr. Jean-Pierre Colin submitted his resignation
as President and director of Vantex, for personal reasons.


The main objective for Vantex is to continue the development of the Galloway
project. An airborne survey was recently completed by Geotech. The data
interpretation and report from this survey should be available in the coming
weeks. The high precision topographic airborne survey was also completed in
order for SRK Consulting to complete their evaluation of the GP zone and the
43-101 technical report.


In collaboration with Mr. Fred Archibald and Daniel Kelly, consulting
geologists, the Company is planning a global exploration budget for the Galloway
project which will focus on the Moriss zone and with basic works on the Renault
Bay and Sandborn blocks as well as the Soaker Hill and Hurd showings (North-east
extension of GP).


Finally, two drill holes for a total of 2,500 metres were completed in the heart
of the Golden Triangle. Assay results are pending. These holes tested the
geology in the centre of the golden triangle and will verify for possible
extensions of the Hendrick zone.


Assays are prepared at Laboratoire Expert of Rouyn-Noranda. The Company uses
blanks and standards to confirm the accuracy of assay results.


These works took place under the supervision of Mr. Daniel Kelly, consulting
geologist and Qualified Person under NI 43-101. Mr. Kelly read and approved this
press release.

Vantex Resources (TSXV:VAX)
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From Dec 2024 to Jan 2025

Vantex Resources (TSXV:VAX)
Historical Stock Chart
From Jan 2024 to Jan 2025