NGEx Minerals Ltd. has signed an option agreement with the province of Catamarca, Argentina, for a 100% stake in the Valle Ancho gold project. The Canadian company said it will be a valuable addition to its portfolio.

The Valle Ancho gold project is located along the Ancho Lineament Valley. Located on the Argentine side of the Maricunga Gold Belt of Chile, the Ancho Valley is a large package of land held by Catamarca that covers 100,000 ha (1,000 km­2) of little explored and highly prospective land.

The Canadian-based mining company has the option of acquiring a 100% stake in the project by spending $8.2 million (£6.65 million) over a period of more than two years.

The corporation plans an initial site work program that includes collection of historical data, analysis of satellite images to identify areas of hydrothermal alteration, field examination and mapping of existing prospects, followed by a geophysical study in the air. The goal set for the initial program is to develop objectives for future drilling tests.