Mining News ; F.D.G. Mining Inc. Raises $1.3 Million on Oversubscribed Private Placement
VANCOUVER, BRITISH COLUMBIA--(http://www.investorideas.com/ gold and mining stocks blog ) - Sept. 28, 2010) - F.D.G. Mining Inc. ("FDG" or the "Company"), a private mineral exploration company based in Vancouver, Canada is pleased to announce the completion of a non-brokered private placement of 10,428,000 common shares at a price of $0.125 per share for gross proceeds of $1,303,500 (the "Private Placement") which was over-subscribed due to greater than anticipated investor interest in the Company and its projects. A finder's fee of $130,350 was paid in connection with the Private Placement resulting in net proceeds of $1,173,150 to be used for, inter alia, exploration activities on the Company's newly optioned Topacio Concession in Nicaragua and general corporate and working capital purposes in preparation for a planned initial public offering in Q4 2010. Currently, the Company has approximately 24 million shares issued and outstanding.
On April 30th 2010, FDG concluded an option agreement with Inversiones Mineras S.A. ("IMISA") of Nicaragua to purchase the 9300 hectare Topacio, S.A. gold concession in Eastern Nicaragua. The definitive agreement calls for bi-annual payments of US$60,000 until such time as the Company pays the full US$3,000,000 purchase price within the 3-year term of the agreement. Upon completion, FDG will own 100% of the mining concession subject to a 3% NSR to IMISA and its affiliated companies. The concession covers all of the known past-producing veins in a low sulphidation epithermal gold district and surrounding exploration targets that have been identified by previous work on the property. An NI 43-101 Technical Report was commissioned by FDG and has now been completed and posted on the Company's web site at www.fdgmining.com. The report compiles much of the previous work and data on the property including drilling, trenching and historic resource estimates up until 1996 when a previous operator completed approximately US$3,000,000 of exploration over a 2-year period.
FDG has completed and submitted an Environmental Impact Study (EIS) at Topacio and is expecting approval from Nicaraguan authorities by the middle of October to begin working on the property.
A Land Use Permit from the local municipality was required to complete the EIS and FDG personnel took the opportunity to meet the local mayor (Alcalde) and councilors to obtain the document and to make a presentation introducing the company, the project and outlining work plans and schedules. The Company is very pleased to announce that it signed an accord on the same day ("Convenio de Colaboración") with the Alcaldía Muelle de los Bueyes pledging cooperation and sharing of resources to improve roads and infrastructure in the area. FDG has agreed to share all new surveys and relevant company information within the property area and re-iterated its intention to work in an environmentally responsible manner while exploring and developing the property. The Alcaldia has pledged in return to cooperate with FDG and share municipal resources and equipment to improve access to the property and to facilitate good relations with local land owners. A copy of the Convenio in Spanish is available on the FDG web site. In a ceremony at the Mayor's office on July 7 2010, FDG signed the Convenio de Colaboración and donated US$10,000 to the municipality to be used for community projects in the area.
FDG also has property interests in five other gold prospects in Nicaragua, two of which are adjacent to B2Gold's Orosi Mine property.
On behalf of the Board of F.D.G. Mining Inc.,
Mit Tilkov, President & CEO
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation.
On April 30th 2010, FDG concluded an option agreement with Inversiones Mineras S.A. ("IMISA") of Nicaragua to purchase the 9300 hectare Topacio, S.A. gold concession in Eastern Nicaragua. The definitive agreement calls for bi-annual payments of US$60,000 until such time as the Company pays the full US$3,000,000 purchase price within the 3-year term of the agreement. Upon completion, FDG will own 100% of the mining concession subject to a 3% NSR to IMISA and its affiliated companies. The concession covers all of the known past-producing veins in a low sulphidation epithermal gold district and surrounding exploration targets that have been identified by previous work on the property. An NI 43-101 Technical Report was commissioned by FDG and has now been completed and posted on the Company's web site at www.fdgmining.com. The report compiles much of the previous work and data on the property including drilling, trenching and historic resource estimates up until 1996 when a previous operator completed approximately US$3,000,000 of exploration over a 2-year period.
FDG has completed and submitted an Environmental Impact Study (EIS) at Topacio and is expecting approval from Nicaraguan authorities by the middle of October to begin working on the property.
A Land Use Permit from the local municipality was required to complete the EIS and FDG personnel took the opportunity to meet the local mayor (Alcalde) and councilors to obtain the document and to make a presentation introducing the company, the project and outlining work plans and schedules. The Company is very pleased to announce that it signed an accord on the same day ("Convenio de Colaboración") with the Alcaldía Muelle de los Bueyes pledging cooperation and sharing of resources to improve roads and infrastructure in the area. FDG has agreed to share all new surveys and relevant company information within the property area and re-iterated its intention to work in an environmentally responsible manner while exploring and developing the property. The Alcaldia has pledged in return to cooperate with FDG and share municipal resources and equipment to improve access to the property and to facilitate good relations with local land owners. A copy of the Convenio in Spanish is available on the FDG web site. In a ceremony at the Mayor's office on July 7 2010, FDG signed the Convenio de Colaboración and donated US$10,000 to the municipality to be used for community projects in the area.
FDG also has property interests in five other gold prospects in Nicaragua, two of which are adjacent to B2Gold's Orosi Mine property.
On behalf of the Board of F.D.G. Mining Inc.,
Mit Tilkov, President & CEO
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation.
For more information, please contact
F.D.G. Mining Inc.
Mit Tilkov
President & CEO
604-684-2213
info@fdgmining.com
www.fdgmining.com
F.D.G. Mining Inc.
Mit Tilkov
President & CEO
604-684-2213
info@fdgmining.com
www.fdgmining.com
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