Micrex Development Corp. announced that it has closed its previously announced acquisition of a 100% interest in a granite claim located near Saint-Alexis-des-Monts, Quebec. The property is comprised of one claim covering approximately 88 acres and has operated as a quarry for a number of years.

The company has agreed to pay $780,000 for the property, of which $150,000 was paid on closing and $100,000 to be paid in 1,000,000 treasury shares at a deemed price of $0.10 at closing. In addition $100,000 will be paid on each of the second, third, fourth and fifth anniversary dates of closing and $30,000 will be paid on the sixth anniversary date. Micrex shall have the right to elect annually to pay part or all of each annual payment in treasury shares at the then current market price.

In addition, the vendor will receive a production royalty of 20% of net sales to be paid quarterly until such time as a total of $100,000 has been paid. The company has raised $300,000 in 3 year notes, principally from insiders, which will carry a 5% interest rate plus a 5% sales royalty on sales from the granite quarry until repaid, and then a 2% royalty until the company repurchases the royalty for a total of $300,000. $150,000 of these funds were used to acquire the granite property, with the balance going toward working capital.