NMEX Signs Agreement to Participate In Development of a Luxury "Eco-Friendly" Boutique Hotel & Resort Property on Laguna Bacalar - Possibly one of the Most Beautiful Lakes in the World
SALT LAKE CITY, June 11, 2019 (GLOBE NEWSWIRE) -- Northern Minerals & Exploration Ltd. (OTC:NMEX) ("Northern" or the "Company") has entered into a preliminary joint venture agreement (the "Agreement") with a private Mexican entity to work together on the raising of capital funds necessary to build a 68 room Waterfront Hotel & Resort & 92 residential Jungle villas, Cenote Villas, 4 bars & restaurants, clubhouse, tennis, aquatic center, wellness center & etc on a beautiful property ("Property") situated on the Caribbean coast of the Yucatan Peninsula in the State of Quintana Roo, Mexico.
Under the terms of the Agreement Northern has the right to participate for a 20% interest in the Property. The Property consists of approximately 207.5 Acres +/- (84 Ha) and 3,444.8 ft (1050 meters) Lagoon front plus 1033.4 ft (315 meters) waterfront. The estimated cost to build this luxury HOTEL property is approximately $US 40,000,000 +/- and $US 150,000,000 +/- for the Villas. Zulia www.zuliabacalar.com
Lake Bacalar is a long and narrow lake in the state of Quintana Roo, Mexico. It is approximately 42 km long measured from north to south, and less than 2 km at its widest. The lake is renowned for its striking blue color and water clarity, partly the result of having a white limestone bottom.
Comments from a recent tourist: "We've been to Laguna Bacalar five times, we cannot get enough. 33 miles of crystal fresh water surrounded by tropical jungle, what more can you ask for. Everyone should experience this place at least once. It is also close to Mahahual on the Caribbean Sea, the Mayan Ruins at Chaccoben are amazing and the capital city of Chetumal is an easy 45 minute drive away, outstanding part of Mexico!" Source: Trip Advisor
Watch Video: The Best Way To See Laguna Bacalar in Mexico
History of Bacalar
The history of Bacalar is interesting to say the least. It was inhabited by Mayans for centuries. The name Bacalar means "surrounded by reeds" from the Mayan language. Trails around the lagoon were lined with white seashells because the inhabitants would walk at night when it was cooler and the shells would mark the trails.
In the more modern times, a colonial settlement was built in 1545 by Spaniard Gaspar Pacheco and was called San Felipe de Bacalar (still the official name but reduced to Bacalar for practical reasons). The city was invaded and destroyed by pirates in 1642 and rebuilt in 1726. After the pirate attack the Fortress de San Felipe Bacalar was built and was completed in 1733.
Bacalar was reestablished in recent 1902. The town today is a stopover for tourist going to and from Belize and the Yucatan Peninsula
On December 16, two weeks after his inauguration, Mexican President Andrés Manuel López Obrador stood alongside politicians, businesspeople, and representatives of Mayan indigenous communities outside Palenque, Chiapas, in southern Mexico. Smoke rose from traditional copal incense chalices as the president-elect oversaw a Mayan ritual asking Mother Earth for permission to build his signature infrastructure project: El Tren Maya—the Mayan Train.
Running more than 900 miles from the beach resorts of Cancún to the Mayan archaeological site at Palenque, the $6.5 billion rail project would link towns, cities, and tourist attractions in five southern states. Planners expect a ridership of 8,000 passengers a day, evenly split between locals and tourists. The proposed train route would include Bacalar.
About Quintana Roo:
Quintana Roo, officially the Free and Sovereign State of Quintana Roo or Estado Libre y Soberano de Quintana Roo, and often referred to as "The Mexican Caribbean" is a state of Mexico that is part of the Yucatan Peninsula, with a shoreline along the Caribbean that has grown in just a few decades into a major tourism destination. It includes world-class resorts built specifically for the Yanqui/Euro tropical vacation business, small communities with a more local Maya-Mexicano character, and fascinating ancient Maya archaeological sites. Nearly 10 million people visited the state of Quintana Roo last year, according to the Tourism Secretariat of Quintana Roo (SEDETUR).
The Property is a part of the Riviera Maya & is located near the recently discovered Ichkabal Mayan ruins and is situated on the Caribbean coast of the Yucatan Peninsula.
Noel Schaefer, NMEX President, stated he is very impressed with the opportunity for NMEX to expand into other markets while continuing to develop its Texas & Louisiana oil and gas operations and gold projects.
Northern Minerals & Exploration ("NMEX") is an emerging publicly traded company focused on oil and gas exploration & production in Texas, gold & silver exploration in Nevada & real estate development projects in Mexico.
For further information on NMEX please go to www.otcmarkets.com or www.sec.gov.
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Contact: Noel Schaefer
Forward Looking Statements:
Statements which are not historical facts contained in this release are forward looking statements that involve risks and uncertainties, including but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumers' preferences and trends. The words "estimate," "possible," "seeking," and similar expressions identify forward-looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward looking statements. The information herein is subject to change without notice. Northern Minerals & Exploration Ltd. shall not be liable for technical or editorial errors or omissions contained herein.
Photos accompanying this announcement are available at
Source: Northern Minerals & Exploration