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Vancouver Junior Investigating ICO to Develop Nevada Gold Mine

Vancouver-based junior mining company Canamex Gold Corp. (TSX-V: CSQ) has executed an agreement with Harmonychain AS to investigate the potential of utilizing an Initial Coin Offering ("ICO") of asset-backed digital tokens to raise funds to develop its gold and silver projects in Nevada.

"The new paradigm of secure digital currencies and tokens opens up a new opportunity for Canamex, as a potential alternative means of doing financings. We believe that this concept could be a first for the industry. One of the great benefits with raising capital via this concept, is that there could be minimal dilution for the shareholders, in addition to the benefits of transparency, the potential asset backing of the Tokens and it being attractive compared to traditional debt or equity financings", says David Vincent, Canamex CEO.

Canamex says the technology could provide a fast and secure transaction structure with a verifiable, publicly available audit trail. The tokens would be based on the Ethereum blockchain technology platform and could be exchangeable into physical products using Ethereum smart contracts.

Harmonychain has several patent applications pending within Blockchain technology. These are divided in three categories:

  1. Mether and other commodity physical forwards tailored for resource companies
  2. Physical delivery systems related to Blockchain Contracts
  3. Security systems related to Breach of Blockchain Security

Harmonychain's Board of Directors includes:

Chairman Kristen Nerstad who has experience from Montgomery Securities (now Bank of America), Alfred Berg, Swedbank, SEB Enskilda, Consendo Equity, and Invento Kapitalforvaltning. He is currently Managing Director at Zenith Fonds AS.

Board Member and CEO Bjoern Zachrisson who is the inventor of the Blockchain trading patent applications currently pending with the Norwegian Industrial Property Office (part of the Patent Cooperation Treaty comprising 152 countries in the world). He is also the Chairman of Norsk Hedge Fond AS.

Board Member Professor Thore Johnsen holds a PhD from Carnegie Mellon University, USA, 1975. He taught at Northwestern University and Columbia University before returning to Norges Handelshoeyskole in 1980. He is member of the advisory boards for several Norwegian endowments and has served as advisor to the Norwegian Ministry of Finance as well as the strategic advisory board for the Norwegian Sovereign Wealth Fund. Johnsen's research interest areas include valuation, risk management and energy markets. He has published in academic journals such as Econometrica, European Economic Review, Journal of Economic Dynamics & Control, and Energy Journal, and has written many applied policy contributions.

Canamex Gold Corp. is engaged in fast-tracking toward development of the Bruner Gold Project in the prolific gold jurisdiction of Nye County, Nevada. The region is home to several producing and past-producing mines along the Walker Lane Trend. Canamex completed a positive Preliminary Economic Assessment (PEA) on the Bruner Gold Project in April 2016. Based on additional drilling conducted on the property, the company has requested a new PEA and resource estimate, expected to be completed before the end of 2017. The 2016 PEA demonstrates that the Bruner Gold Project has a high IRR and low capex, based on a low-cost heap leach operation, with high metallurgical recoveries and low reagent consumption.


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