A subsidiary of Colorado Springs-based Gold Resource Corp. has agreed to acquire 22,222,222 common shares of Canamex Resources Corp., the company said Wednesday.

The acquisition will give Gold Resource 18.4 percent of Canamex issued and outstanding shares when completed, according to a news release from the company. Gold Resource is purchasing the shares for about $1.8 million.

The purchase gives Gold Resource the right to appoint one representative to Canamex's Board of Directors.

Canamex is a Canadian mining exploration company out of Vancouver that is focused on a gold exploration project in Nevada and another in South America.

Gold Resource Corp. is a mining company focused on gold and silver projects. The company has 100 percent interest in six potential high-grade gold and silver properties in Oaxaca, Mexico.