(TSX VENTURE:CED) News; Cedar Mountain Exploration Attracts Alaskan Expert
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(http://www.investorideas.com/ gold and mining stocks blog ) Mountain Exploration Inc. ("Cedar") (TSX VENTURE:CED) is pleased to welcome Travis Hudson, Ph.D. to its technical team as senior geoscientist for the Kelly Creek Project in Alaska.
Cedar's Chairman, CEO and President, Charles Chebry, stated, "Dr. Hudson is the foremost authority on the geology of our project area. He has been an important part of our project team to date and his agreement to join our group is an important significant strategic step in the advancement of the Kelly Creek Project. The addition of Dr. Hudson coincides with the departure of our interim Vice President of Exploration, David Clarke who ran the field program this year. We would like to thank David for his contribution and wish him well in his future endeavors."
Travis L. Hudson received his Ph.D. in geology from Stanford University in 1976. His work in Alaska has included 24 field seasons investigating regional geology, active tectonics, mineral deposits, and petroleum systems. Mineral deposit studies have included prospect evaluation, generative exploration project development and management, mineral resource assessment, and marketing of prospects and exploration programs. Dr. Hudson is a member of the Society of Economic Geologists, the American Association of Petroleum Geologists, and a fellow of the Geological Society of America. He is a registered geologist in the state of Washington.
The Property
The Kelly Creek Property located on the Seward Peninsula in Alaska's prolific Nome mining district. Kelly Creek is a drill-permitted early-stage gold exploration property comprising 32,640 acres (13,209 hectares). Historic results indicate the presence of a sediment-hosted gold deposit within a mining district that has historically recorded placer gold production of 5 million ounces.
Cedar is a member of the Discovery Group of Companies: http://www.discoveryexp.com/
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the company expects are forward looking statements. Although the company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at http://www.sedar.com/
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact
Cedar Mountain Exploration Inc.
Charles Chebry, B.Sc., CMA
Chief Executive Officer
(403) 283-0001
charles@chebry.com
http://www.cedarmountainexp.com/
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Sunday, October 03, 2010
Gold Stocks on the Move: OTC Trading Alert ($0.50-$1.00): (OTCBB: BULM, SILA, PRWP, PTSEF)
Gold Stocks on the Move: OTC Trading Alert ($0.50-$1.00): (OTCBB: BULM, SILA, PRWP, PTSEF)
Point Roberts, WA (Investorideas.com Newswire) - OTC VOLUME LEADERS (http://www.otcvolumeleaders.com/ ) reports on the most active trading stocks on the OTCBB for interested small cap investors. OTC Volume leaders ($0.50-$1.00) include Bullion Monarch Mining, Inc (OTCBB: BULM), Gold American Mining Corp. (OTCBB: SILA), Pro-Pharmaceuticals Inc. (OTCBB: PRWP), and Points International Ltd. (OTCBB: PTSEF).
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OTC/Market Commentary:
One of the OTCBB volume leader reports; Recent News; "Bullion Monarch Mining Inc. announces that the directors have recently received an unsolicited offer from Eurasian Minerals Inc., a Toronto Venture Exchange listed company, to acquire all of the outstanding securities of Bullion Monarch in exchange for shares of Eurasian Minerals at a significant premium to Bullion Monarch's current market price."
Full Article: http://finance.yahoo.com/news/Bullion-Monarch-Mining-iw-3621432435.html?x=0&.v=1
(OTCBB: AQUM)Market Snapshot: (at time of release)
Dow 10,818.06 +30.01 +0.28%
Nasdaq 2,366.61 -2.01 -0.08%
S&P 500 1,144.42 +3.22 +0.28%
10 Yr Bond(%) 2.5380% +0.2100
Oil 81.07 +1.10 +1.38%
Gold 1,316.00 +8.20 +0.63%
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Thursday, September 30, 2010
Supatcha Resources (OTC Bulletin Board: SAEI.OB) Signs Definitive Agreement and Acquires Maiskoe Gold Mine
Supatcha Resources (OTC Bulletin Board: SAEI.OB) Signs Definitive Agreement and Acquires Maiskoe Gold Mine
DENVER, Sept. 29 /(http://www.investorideas.com/ gold and mining stocks blog ) -- Supatcha Resources Inc. (OTC Bulletin Board: SAEI.OB) ("Supatcha" or the "Company") announces today it has signed a definitive agreement to acquire a 98% interest in the Maiskoe Gold licenses in Odessa Oblast, Savaransky District, Southern Ukraine.
Supatcha will pay the owners of the property a total of US$3,500,000 and will own 98% of the mine (including all of the capital equipment) and the mineral concessions. Supatcha has also agreed to invest a further US$2,800,000 in expanding the current operation over the next year. Prior to the acquisition, the Company already had several preliminary funding commitments based on the strong merits and history of the concessions.
The property was explored previously by a number of companies and previous drilling indicated geology finds that are favorable for a potential large Gold deposit. The initial drilling done in 1999 indicated gold mineralization in a number of drill holes. Further in 2001, a magnetic/electromagnetic geophysical airborne survey was also conducted over the property and identified several major mineralization areas of interest. Supatcha management has carefully procured significant relationships in the property area, over the last several years, to bring the necessary parties together to successfully continue the development of this high potential gold property and facility. Additionally, the property development plan completed on the Maiskoe as part of the due diligence process has recommended that a drill program for a total of 2000 meters be undertaken. Supatcha has committed to complete the recommended drill program and is currently in discussions to confirm equipment mobilization and drilling dates.
About Supatcha Resources Inc. (OTCBB: SAEI.OB)
Supatcha Resources Inc. is a gold exploration company focused on acquiring and developing mineral properties in Ukraine. Supatcha is in the final stages of acquiring two additional gold mining projects, with world-class potential, in southwestern Ukraine.
Notice Regarding Forward Looking Statements
This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the last reported fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
SOURCE Supatcha Resources Inc.
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Creso Exploration (TSX VENTURE:CXT) (FRANKFURT:C3X) Closes $1.5 Million Private Placement Financing With Franco-Nevada
Creso Exploration (TSX VENTURE:CXT) (FRANKFURT:C3X) Closes $1.5 Million Private Placement Financing With Franco-Nevada
MONTREAL, QUEBEC--(http://www.investorideas.com/ gold and mining stocks blog ) - Sept. 30, 2010) - Creso Exploration Inc. ("Creso" or the "Corporation") (TSX VENTURE:CXT) (FRANKFURT:C3X) reports that it has closed the previously announced non-brokered private placement by Franco-Nevada Corporation ("Franco") (TSX: FNV). Creso issued 1,415,094 common shares at a price of $1.06 for an amount of $1,500,000. The purchase price was set at a 15% premium over the 20-day volume weighted-average market price prior to the announcement of the private placement on September 21, 2010. See press release issued on that date.
As part of the private placement, Franco is granted an option ("Option") to purchase a perpetual 2% Net Smelter Return royalty on gold and other minerals produced from the Property. The Option may be exercised within sixty days following the date on which (i) a decision is made to construct a mine by Creso and (ii) the planned mine is fully financed either with cash on hand or a firm commitment of bank financing. The exercise price of the Option is determined to be equal to the after-tax net present value of the royalty revenue calculated using a 6.5% discount rate applied to the base case model assumptions in the feasibility study used to make the decision to construct and finance the mine.
Creso also announces that the TSX Venture Exchange has approved the re-repurchase by the Corporation of the right of first refusal ("Right of First Refusal") previously granted to Anglo Pacific Group plc ("APG") (LSE: APF.L and TSX: APY), in respect of the grant by the Corporation of any royalties on certain properties in consideration for the issuance to APG of 500,000 common shares of Creso.
All securities issued to Franco and APG are subject to a four month hold period.
Franco-Nevada Corporation (TSX: FNV.TO) is a gold-focused royalty company with additional interests in platinum group metals, oil and gas, and other assets. Its portfolio of high-margin cash flow producing assets is located principally in the United States, Canada, and Mexico. The Company also holds a pipeline of potential future cash flowing assets that are being developed, permitted or explored.
As part of the private placement, Franco is granted an option ("Option") to purchase a perpetual 2% Net Smelter Return royalty on gold and other minerals produced from the Property. The Option may be exercised within sixty days following the date on which (i) a decision is made to construct a mine by Creso and (ii) the planned mine is fully financed either with cash on hand or a firm commitment of bank financing. The exercise price of the Option is determined to be equal to the after-tax net present value of the royalty revenue calculated using a 6.5% discount rate applied to the base case model assumptions in the feasibility study used to make the decision to construct and finance the mine.
Creso also announces that the TSX Venture Exchange has approved the re-repurchase by the Corporation of the right of first refusal ("Right of First Refusal") previously granted to Anglo Pacific Group plc ("APG") (LSE: APF.L and TSX: APY), in respect of the grant by the Corporation of any royalties on certain properties in consideration for the issuance to APG of 500,000 common shares of Creso.
All securities issued to Franco and APG are subject to a four month hold period.
About Creso
The Corporation's principal mining exploration holdings are located in the Shining Tree mining camp of Northern Ontario within 100 km of the Timmins and Kirkland mining camps, and additional interests are held in base metal properties in Guatemala.
About Franco-Nevada CorporationFranco-Nevada Corporation (TSX: FNV.TO) is a gold-focused royalty company with additional interests in platinum group metals, oil and gas, and other assets. Its portfolio of high-margin cash flow producing assets is located principally in the United States, Canada, and Mexico. The Company also holds a pipeline of potential future cash flowing assets that are being developed, permitted or explored.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact
Creso Exploration Inc.
Robert Casaceli
President and CEO
514-866-6001 # 239
514-866-6193 (FAX)
scarrasco@creso.ca
or
Creso Exploration Inc.
Douglas Murray
Investor Relations
613-882-7295
613-882-7467 (FAX)
douglas2418@gmail.com
www.creso.ca
Creso Exploration Inc.
Robert Casaceli
President and CEO
514-866-6001 # 239
514-866-6193 (FAX)
scarrasco@creso.ca
or
Creso Exploration Inc.
Douglas Murray
Investor Relations
613-882-7295
613-882-7467 (FAX)
douglas2418@gmail.com
www.creso.ca
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Levon (TSX VENTURE:LVN)(BERLIN:LO9)(FRANKFURT:LO9) Begins $14M, 59,000 Metre Phase 3 Drill Program at Cordero, Chihuahua, Mexico
Levon (TSX VENTURE:LVN)(BERLIN:LO9)(FRANKFURT:LO9) Begins $14M, 59,000 Metre Phase 3 Drill Program at Cordero, Chihuahua, Mexico
VANCOUVER, BRITISH COLUMBIA--(http://www.investorideas.com/ gold and mining stocks blog ) - Sept. 30, 2010) - Levon Resource Ltd. ("Levon") (TSX VENTURE:LVN)(BERLIN:LO9)(FRANKFURT:LO9) is pleased to announce the start of Phase 3 drilling and exploration at the Cordero project located 35 km northeast of the town of Hildalgo Del Parral, Chihuahua, Mexico. Phase 3 addresses the expansion and exploration potential for bulk tonnage Ag, Au, Zn, Pb deposits in the Cordero Porphyry Belt covered by the property. Six mineralized intrusive centers are aligned northeast in the Belt, which has a strike length of 15 km and widths of from 3 to 5 km. Phase 1 drilling in 2009 yielded discovery holes in the Pozo de Plata Diatreme and Cordero Porphyry Target. Phase 2 offset grid drilling in 2010 expanded the discovery zones which remain open in all directions and at depth (news release of September 21, 2010).
Phase 3 drilling is designed to expand the discoveries and provide initial tests of six, outlying mine-scale targets identified in Phase 2. Mapping, sampling and geophysics will be aimed at identifying additional outlying, mine-scale targets within the Belt. Phase 3 is a $14M planned program, which includes 59,000 metres of core drilling.
Goals of the Phase 3 program are:
Six Mine Scale Drill Targets
Six mine-scale drill targets have been defined on the basis of correlative geologic, soil and rock chip sample results, airborne magnetics, eletromagnetics, radiometrics and gravity anomalies. The targets are analogous with the Pozo de Plata diatreme zone, the Cordero Porphyry zone or high grade replacement deposits mined in the past in the Cordero district. The targets are within the western Pozo de Plata diatreme, the Dos Mil Diez diatreme, extensions of the Cordero Porphyry zone, and in the La Ceniza stock (target area maps and summaries are posted on the Levon website www.levon.com). Phase 3 drill holes will provide initial tests of each target.
Outlying Areas
The diatremes in the Molino de Viento Caldera Diatreme Complex were recognized in March, 2010 and the area has yet to be completely traversed. Molino de Viento is located 7 km southwest of the Dos Mil Diez Diatreme Complex and covers a circular area 5 km in diameter. Molino de Viento requires complete mapping, sampling and additional follow up geophysical surveys (3D IP and gravity) to define any drill targets. This Phase 3 field work is scheduled to start in mid-October, 2010.
"We are pleased with the current exploration and drill results at Cordero. We believe we are on track in the discovery of a major new mining district in Mexico. We have always tried to match the rate of the Cordero program with exploration results and accelerate the project accordingly. Phase 3 is aimed at defining quality Ag, Au, Zn, Pb bulk tonnage resources and resolving the Cordero upside discovery potential as soon as possible," comments Ron Tremblay, President and CEO, Levon Resources Ltd.
Corporate
Levon and Valley High Ventures, Ltd. have signed the definitive Cordero Joint Venture Agreement as of April 01, 2010 with the terms of the original letter of intent signed February 11, 2009.
Levon has set up a wholly owned Mexican subsidiary, Administración de Proyectos Levon en México, S.A. de C.V. (Levon en Mexico) to conduct Cordero and other exploration activities in Mexico. Levon en Mexico is headquartered in Durango, Mexico with its main Cordero Project field office in the historical mining town of Hildalgo Del Parral.
The Cordero project is a joint venture between Levon Resources, Ltd (51% owner and operator) and Valley High Resources, Ltd (49% contributing interest) to explore for bulk tonnage Ag, Au, Zn, Pb deposits in the historical Cordero Mining District.
Levon is a junior gold and precious metals exploration company exploring the Cordero silver, gold, zinc and lead project near Hidalgo Del Parral, Chihuahua, Mexico. The Norma Sass and Ruf claims located near the Pipeline gold deposit, which is being mined and explored by Barrick Gold Corporation in the heart of the Cortez Gold Trend in Lander County, Nevada, USA. The Company also holds key land positions at Congress, BRX, and Wayside in the productive Bralorne Gold camp of British Columbia, Canada.
LEVON RESOURCES LTD.
Ron Tremblay, President and CEO
This release contains statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
Phase 3 drilling is designed to expand the discoveries and provide initial tests of six, outlying mine-scale targets identified in Phase 2. Mapping, sampling and geophysics will be aimed at identifying additional outlying, mine-scale targets within the Belt. Phase 3 is a $14M planned program, which includes 59,000 metres of core drilling.
Goals of the Phase 3 program are:
- Continued definition and delineation drilling of the Pozo de Plata Diatreme and the Cordero Porphyry discoveries;
- Completion of initial metallurgical testing, resource estimates and preliminary engineering studies on the Pozo de Plata Diatreme and Cordero Porphyry mineralization;
- Initiate the Cordero property engineering infrastructure and base line studies;
- Drill test the six outlying, mine-scale targets defined by Phase 2 exploration. Define and test any diatreme type targets the newly recognized Molina de Viento Caldera Diatreme Complex at the southwest end of the belt.
Six Mine Scale Drill Targets
Six mine-scale drill targets have been defined on the basis of correlative geologic, soil and rock chip sample results, airborne magnetics, eletromagnetics, radiometrics and gravity anomalies. The targets are analogous with the Pozo de Plata diatreme zone, the Cordero Porphyry zone or high grade replacement deposits mined in the past in the Cordero district. The targets are within the western Pozo de Plata diatreme, the Dos Mil Diez diatreme, extensions of the Cordero Porphyry zone, and in the La Ceniza stock (target area maps and summaries are posted on the Levon website www.levon.com). Phase 3 drill holes will provide initial tests of each target.
Outlying Areas
The diatremes in the Molino de Viento Caldera Diatreme Complex were recognized in March, 2010 and the area has yet to be completely traversed. Molino de Viento is located 7 km southwest of the Dos Mil Diez Diatreme Complex and covers a circular area 5 km in diameter. Molino de Viento requires complete mapping, sampling and additional follow up geophysical surveys (3D IP and gravity) to define any drill targets. This Phase 3 field work is scheduled to start in mid-October, 2010.
"We are pleased with the current exploration and drill results at Cordero. We believe we are on track in the discovery of a major new mining district in Mexico. We have always tried to match the rate of the Cordero program with exploration results and accelerate the project accordingly. Phase 3 is aimed at defining quality Ag, Au, Zn, Pb bulk tonnage resources and resolving the Cordero upside discovery potential as soon as possible," comments Ron Tremblay, President and CEO, Levon Resources Ltd.
Corporate
Levon and Valley High Ventures, Ltd. have signed the definitive Cordero Joint Venture Agreement as of April 01, 2010 with the terms of the original letter of intent signed February 11, 2009.
Levon has set up a wholly owned Mexican subsidiary, Administración de Proyectos Levon en México, S.A. de C.V. (Levon en Mexico) to conduct Cordero and other exploration activities in Mexico. Levon en Mexico is headquartered in Durango, Mexico with its main Cordero Project field office in the historical mining town of Hildalgo Del Parral.
The Cordero project is a joint venture between Levon Resources, Ltd (51% owner and operator) and Valley High Resources, Ltd (49% contributing interest) to explore for bulk tonnage Ag, Au, Zn, Pb deposits in the historical Cordero Mining District.
Levon is a junior gold and precious metals exploration company exploring the Cordero silver, gold, zinc and lead project near Hidalgo Del Parral, Chihuahua, Mexico. The Norma Sass and Ruf claims located near the Pipeline gold deposit, which is being mined and explored by Barrick Gold Corporation in the heart of the Cortez Gold Trend in Lander County, Nevada, USA. The Company also holds key land positions at Congress, BRX, and Wayside in the productive Bralorne Gold camp of British Columbia, Canada.
LEVON RESOURCES LTD.
Ron Tremblay, President and CEO
This release contains statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact
Levon Resources Ltd.
(604) 682-3701
(604) 682-3600 (FAX)
www.levon.com
Levon Resources Ltd.
(604) 682-3701
(604) 682-3600 (FAX)
www.levon.com
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Mining Stocks News; Stronghold (TSX VENTURE:Z) Announces Strategic Transaction With IAMGOLD on Eagle Mountain Gold Property in Guyana
Mining Stocks News; Stronghold (TSX VENTURE:Z) Announces Strategic Transaction With IAMGOLD on Eagle Mountain Gold Property in Guyana
VANCOUVER, BRITISH COLUMBIA--(http://www.investorideas.com/ mining and gold stocks blog - Sept. 30, 2010) - STRONGHOLD METALS INC. ("Stronghold" or the "Company") (TSX VENTURE:Z) Stronghold is pleased to announce that it has entered into a definitive Earn-In and Joint Venture Agreement (the "Agreement") dated September 29, 2010 with a subsidiary of IAMGOLD Corporation ("IAMGOLD"), under which the Company has been granted the right to acquire in stages up to 50% in the Eagle Mountain Gold Property, located in Guyana, South America through the completion of exploration work on the property. Additionally, the Company has the option to acquire the remaining 50% of the property from IAMGOLD under certain instances.
The Eagle Mountain property is owned by Omai Gold Mines Ltd. ("OGML"), a 95% owned subsidiary of IAMGOLD with the Republic of Guyana ("Guyana") holding the remaining 5%. As part of the transaction, the parties will set up a single purpose entity to hold the Eagle Mountain Gold Property, subject to the approval of Guyanese governmental authorities.
The Eagle Mountain Gold Project ("Eagle Mountain" or the "Property") is an advanced stage exploration project on track to produce a preliminary economic assessment report or scoping study.
In October 2009, an internal technical report by IAMGOLD produced an in-house estimate of total Inferred Mineral Resources of 22.1Mt @ 1.11 g/t, containing 787,800 ounces of gold (using a 0.3 g/t Au cut-off grade), or 18Mt @ 1.27 g/t, containing 733,500 ounces of gold (using a 0.5 g/t Au cut-off grade). More than 250,000 ounces of contained Au in this inferred mineral resource is hosted by oxide material (saprolite).
Based on the review of IAMGOLD's internal technical report, Stronghold treats the resource as a "Current" resource under NI43-101 disclosure requirements, and intends to immediately commission an independent NI43-101 compliant technical report and file same within 45 days. Should there be any changes to the defined resource, Stronghold will file updated disclosure as required.
The following table summarizes the reported Mineral Resource Estimate from the in-house IAMGOLD technical report.
Eagle Mountain covers an area of approximately 5050 Ha (12,480 acres) in central Guyana, 200km southwest of the capital Georgetown and 45 kilometres from the historic Omai Gold Mine, which was in production from 1993 to 2005.
Access to the property is gained by road from Georgetown in five to six hours and by air in forty-five minutes, landing at the Mahdia airstrip four kilometers to the north of the property. Alluvial gold has been exploited in the area of Eagle Mountain since 1884.
Total exploration expenditures to date on Eagle Mountain are approximately US$ 6.58 million. The Eagle Mountain area occurs within Palaeoproterozoic greenstones of the Guiana Shield. A composite granodiorite pluton intrudes the greenstone volcanic rocks and hosts most of the known gold mineralisation on the Property. Gold mineralisation starts from near surface as disseminated and fracture controlled mineralisation in granite forming multiple gently dipping zones.
At least 6 mineralised zones have been recognised to date, but only 3 zones have been tested in any detail. Drilling, surface auger sampling, channel sampling of trenches and historical adits helped identify the various mineralised zones, yet only diamond drill data was used in the calculation of the inferred mineral resource by IAMGOLD.
The reported resource covers an area of 1.5 km x 2 km (300 hectares) inside a property 5,050 hectares in size, thus there exists tremendous upside potential for new discoveries and resource expansion.
Commercial Agreement Terms
Stronghold may earn increasing interests in the Property based on a combination of cash payments, share issuances and work expenditures more particularly described below:
Stronghold has a firm commitment to pay US $250,000, issue 2,000,000 common shares in the capital of Stronghold to OGML and incur exploration expenditures ("Expenditures") of not less than US$400,000 on the Eagle Mountain Gold Property by December 31, 2010.
Furthermore Stronghold has agreed to pay OGML US$250,000 on the earlier of: (i) December 1, 2010; and (ii) 5 days from the date on which Guyana grants OGML an extension notice (the "Extension Notice") for the concessions that cover the Property for the period October 2010 to October 2011.
Provided the Extension Notice has been granted, Stronghold shall fund an additional US $1,100,000 of Expenditures (firm commitment), issue an additional 2,000,000 common shares and pay an additional US$1,000,000 to OGML by October 31, 2011.
Once Stronghold has satisfied the above requirements and therefore has funded an aggregate of US$1,500,000 of Expenditures, issued an aggregate of 4,000,000 common shares and paid US$1,500,000 to OGML it will have earned a 25% equity interest in the Property.
Stronghold then has the option to fund an additional US$2,000,000 (for a total of US$3,500,000) in Expenditures, issue an additional 2,000,000 common shares (for a total of 6,000,000 common shares) and pay an additional US$1,000,000 (for a total of US$2,500,000) to OGML (or as OGML may direct), all by October 31, 2012 to earn a 50% equity interest in the Property.
After earning a 50% interest in the Property, Stronghold has the right to acquire the remaining 50% interest within six months by paying OGML an additional US$1,000,000. OGML has 90 days from the date Stronghold earns a 50% interest to require Stronghold to acquire the remaining 50% interest in the Property for a payment of US$1,000,000.
Provided that Stronghold becomes the registered and beneficial owner of at least a 50% interest in the Property, upon the grant by Guyana of a mining or exploitation licence in relation to the Eagle Mountain, Stronghold will pay OGML an additional US$7,500,000.
Assuming all expenditures and milestones are made, IAMGOLD will become a significant shareholder of Stronghold.
Yannis Tsitos, President and CEO of Stronghold stated: "This transaction is the most significant milestone in Stronghold's history to date. Our stated corporate goal is to grow the Company through a combination of development of our high quality exploration properties in South America and the acquisition of advanced stage projects.
The Eagle Mountain Gold Property represents a rare opportunity to rapidly move an already advanced project to a feasibility study stage and therefore deliver tangible value to our shareholders. We will effectively build upon the strong foundation established by IAMGOLD in Guyana and intensify the exploration work program to expand and advance the current resource estimate and to establish whether the Eagle Mountain Gold Property can sustain a profitable independent mining operation. Based on our due diligence investigations and our internal analysis of data, we believe there is significant blue sky potential beyond the currently identified gold resource. Having IAMGOLD ultimately as a significant shareholder will be of tremendous benefit to the Company and Stronghold's management feels privileged to work with their team in this joint venture. In Stronghold, we hold an overarching desire to be part of a development, which will not only be valuable to the Company's shareholders, but can also make an important contribution to the development of Guyana and the wellbeing of the Guyanese people."
Paul Olmsted, Senior Vice President, Corporate Development, IAMGOLD Corporation, stated: "We are pleased to enter into a transaction with Stronghold as we believe their experience will provide significant benefits to both the Eagle Mountain project and the region. We look forward to working with the Company to move the project forward."
The Company will pay a finder's fee of up to 1.5 million shares in stages over the term of the Agreement, with the first tranche to consist of 500,000 common shares on receipt of TSX Venture Exchange acceptance.
The Agreement and the finder's fee are subject to the acceptance of the TSX Venture Exchange.
Stronghold Metals Inc. has not independently verified the technical data on the Eagle Mountain Gold Property. However, Stronghold believes the current resource provide an indication of the potential that exists on the property. Mike Byron, Vice President, Exploration for Stronghold, a Qualified Person under NI 43-101, has reviewed and approved the data disclosed in this news release.
The Eagle Mountain property is owned by Omai Gold Mines Ltd. ("OGML"), a 95% owned subsidiary of IAMGOLD with the Republic of Guyana ("Guyana") holding the remaining 5%. As part of the transaction, the parties will set up a single purpose entity to hold the Eagle Mountain Gold Property, subject to the approval of Guyanese governmental authorities.
The Eagle Mountain Gold Project ("Eagle Mountain" or the "Property") is an advanced stage exploration project on track to produce a preliminary economic assessment report or scoping study.
In October 2009, an internal technical report by IAMGOLD produced an in-house estimate of total Inferred Mineral Resources of 22.1Mt @ 1.11 g/t, containing 787,800 ounces of gold (using a 0.3 g/t Au cut-off grade), or 18Mt @ 1.27 g/t, containing 733,500 ounces of gold (using a 0.5 g/t Au cut-off grade). More than 250,000 ounces of contained Au in this inferred mineral resource is hosted by oxide material (saprolite).
Based on the review of IAMGOLD's internal technical report, Stronghold treats the resource as a "Current" resource under NI43-101 disclosure requirements, and intends to immediately commission an independent NI43-101 compliant technical report and file same within 45 days. Should there be any changes to the defined resource, Stronghold will file updated disclosure as required.
The following table summarizes the reported Mineral Resource Estimate from the in-house IAMGOLD technical report.
| INFERRED | ||||||
| Cut-off | Volume | Density | Tonnage | AU-cap | ||
| AU-CAP | g/t | (000's m3) | (t/m3) | (000's t) | g/t | oz |
| Saprolite | 0.3 | 5,137 | 1.60 | 8,219 | 1.11 | 294,100 |
| 0.5 | 3,905 | 1.60 | 6,248 | 1.34 | 268,300 | |
| 0.7 | 3,038 | 1.60 | 4,861 | 1.55 | 242,200 | |
| 1.0 | 2,134 | 1.60 | 3,415 | 1.85 | 203,000 | |
| Fresh Rock | 0.3 | 5,141 | 2.70 | 13,881 | 1.11 | 493,600 |
| 0.5 | 4,337 | 2.70 | 11,711 | 1.24 | 465,100 | |
| 0.7 | 3,114 | 2.70 | 8,409 | 1.49 | 402,600 | |
| 1.0 | 2,260 | 2.70 | 6,102 | 1.74 | 340,900 | |
| 0.3 | 10,278 | 2.18 | 22,100 | 1.11 | 787,800 | |
| Total | 0.5 | 8,242 | 2.21 | 17,959 | 1.27 | 733,500 |
| 0.7 | 6,153 | 2.18 | 13,270 | 1.51 | 644,800 | |
| 1.0 | 4,394 | 2.19 | 9,517 | 1.78 | 543,900 | |
Access to the property is gained by road from Georgetown in five to six hours and by air in forty-five minutes, landing at the Mahdia airstrip four kilometers to the north of the property. Alluvial gold has been exploited in the area of Eagle Mountain since 1884.
Total exploration expenditures to date on Eagle Mountain are approximately US$ 6.58 million. The Eagle Mountain area occurs within Palaeoproterozoic greenstones of the Guiana Shield. A composite granodiorite pluton intrudes the greenstone volcanic rocks and hosts most of the known gold mineralisation on the Property. Gold mineralisation starts from near surface as disseminated and fracture controlled mineralisation in granite forming multiple gently dipping zones.
At least 6 mineralised zones have been recognised to date, but only 3 zones have been tested in any detail. Drilling, surface auger sampling, channel sampling of trenches and historical adits helped identify the various mineralised zones, yet only diamond drill data was used in the calculation of the inferred mineral resource by IAMGOLD.
The reported resource covers an area of 1.5 km x 2 km (300 hectares) inside a property 5,050 hectares in size, thus there exists tremendous upside potential for new discoveries and resource expansion.
Commercial Agreement Terms
Stronghold may earn increasing interests in the Property based on a combination of cash payments, share issuances and work expenditures more particularly described below:
| Significant Milestone Date | Minimum Exploration Expenditure | Cash Payments to OGML | Issuing of Stronghold Common Shares to OGML | Vesting Interest for Stronghold | Nature of Commitment |
| On Transaction Closing | $400,000 | $250,000 | 2,000,000 shares | 25% | Firm |
| December 2010 | $250,000 | ||||
| October 2011 | $1,100,000 | $1,000,000 | 2,000,000 shares | ||
| SUBTOTAL till Oct 2011 | $1,500,000 | $1,500,000 | 4,000,000 shares | ||
| October 2012 | $2,000,000 | $1,000,000 | 2,000,000 shares | 50% | Optional |
| SUBTOTAL till Oct 2012 | $3,500,000 | $2,500,000 | 6,000,000 shares | ||
| Within 6 Months from Oct 2012 | $1,000,000 | 100% | |||
| On Granting of a Mining License | $7,500,000 | ||||
| GRAND TOTAL | $3,500,000 | $11 million | 6,000,000 shares | 100% |
| Table 1: Summary of earn-in and JV terms (all money figures in US$ Dollars). |
Furthermore Stronghold has agreed to pay OGML US$250,000 on the earlier of: (i) December 1, 2010; and (ii) 5 days from the date on which Guyana grants OGML an extension notice (the "Extension Notice") for the concessions that cover the Property for the period October 2010 to October 2011.
Provided the Extension Notice has been granted, Stronghold shall fund an additional US $1,100,000 of Expenditures (firm commitment), issue an additional 2,000,000 common shares and pay an additional US$1,000,000 to OGML by October 31, 2011.
Once Stronghold has satisfied the above requirements and therefore has funded an aggregate of US$1,500,000 of Expenditures, issued an aggregate of 4,000,000 common shares and paid US$1,500,000 to OGML it will have earned a 25% equity interest in the Property.
Stronghold then has the option to fund an additional US$2,000,000 (for a total of US$3,500,000) in Expenditures, issue an additional 2,000,000 common shares (for a total of 6,000,000 common shares) and pay an additional US$1,000,000 (for a total of US$2,500,000) to OGML (or as OGML may direct), all by October 31, 2012 to earn a 50% equity interest in the Property.
After earning a 50% interest in the Property, Stronghold has the right to acquire the remaining 50% interest within six months by paying OGML an additional US$1,000,000. OGML has 90 days from the date Stronghold earns a 50% interest to require Stronghold to acquire the remaining 50% interest in the Property for a payment of US$1,000,000.
Provided that Stronghold becomes the registered and beneficial owner of at least a 50% interest in the Property, upon the grant by Guyana of a mining or exploitation licence in relation to the Eagle Mountain, Stronghold will pay OGML an additional US$7,500,000.
Assuming all expenditures and milestones are made, IAMGOLD will become a significant shareholder of Stronghold.
Yannis Tsitos, President and CEO of Stronghold stated: "This transaction is the most significant milestone in Stronghold's history to date. Our stated corporate goal is to grow the Company through a combination of development of our high quality exploration properties in South America and the acquisition of advanced stage projects.
The Eagle Mountain Gold Property represents a rare opportunity to rapidly move an already advanced project to a feasibility study stage and therefore deliver tangible value to our shareholders. We will effectively build upon the strong foundation established by IAMGOLD in Guyana and intensify the exploration work program to expand and advance the current resource estimate and to establish whether the Eagle Mountain Gold Property can sustain a profitable independent mining operation. Based on our due diligence investigations and our internal analysis of data, we believe there is significant blue sky potential beyond the currently identified gold resource. Having IAMGOLD ultimately as a significant shareholder will be of tremendous benefit to the Company and Stronghold's management feels privileged to work with their team in this joint venture. In Stronghold, we hold an overarching desire to be part of a development, which will not only be valuable to the Company's shareholders, but can also make an important contribution to the development of Guyana and the wellbeing of the Guyanese people."
Paul Olmsted, Senior Vice President, Corporate Development, IAMGOLD Corporation, stated: "We are pleased to enter into a transaction with Stronghold as we believe their experience will provide significant benefits to both the Eagle Mountain project and the region. We look forward to working with the Company to move the project forward."
The Company will pay a finder's fee of up to 1.5 million shares in stages over the term of the Agreement, with the first tranche to consist of 500,000 common shares on receipt of TSX Venture Exchange acceptance.
The Agreement and the finder's fee are subject to the acceptance of the TSX Venture Exchange.
Stronghold Metals Inc. has not independently verified the technical data on the Eagle Mountain Gold Property. However, Stronghold believes the current resource provide an indication of the potential that exists on the property. Mike Byron, Vice President, Exploration for Stronghold, a Qualified Person under NI 43-101, has reviewed and approved the data disclosed in this news release.
On behalf of The Board of Directors of Stronghold Metals Inc.
Ioannis (Yannis) Tsitos, President, CEO & Director
This document contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the corporations control which may cause actual results, performance or achievements of the corporation's to be materially different from the results, performance or expectation implied by these forward looking statements.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact
Stronghold Metals Inc.
Ioannis (Yannis) Tsitos
President, CEO & Director
+1 604.806.0916
+1 604.806.0956 (FAX)
www.strongholdmetals.com
Stronghold Metals Inc.
Ioannis (Yannis) Tsitos
President, CEO & Director
+1 604.806.0916
+1 604.806.0956 (FAX)
www.strongholdmetals.com
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(TSX VENTURE:FMM) News; Full Metal Identifies Multiple New Gold Anomalies, Extending White Gold District Trend from Yukon into Alaska
(TSX VENTURE:FMM) News; Full Metal Identifies Multiple New Gold Anomalies, Extending White Gold District Trend from Yukon into Alaska
VANCOUVER, BRITISH COLUMBIA--(http://www.investorideas.com/ gold and mining stocks blog ) - Sept. 30, 2010) - Full Metal Minerals Ltd. (TSX VENTURE:FMM) is pleased to announce that the Company has received encouraging surface sampling results from multiple gold targets at the Rolling Thunder Project. Full Metal has expanded the land package to 589 km2, covering 16 different target areas, and initiated a follow-up sampling and mapping program.
Full Metal's management and geologic team were shared with Underworld Resources, which made a significant discovery at the White Gold Project in the Yukon. Underworld was acquired by Kinross Gold in the spring of 2010. The technical team utilized this experience and understanding of geologic controls, geochemistry and exploration targeting methods which was successful at White Gold to stake these new claims. During the 2010 season, 428 rock and 1,536 soil samples have been collected to-date, as well as some initial mechanical trenching. Many assays are still pending.
Highlights of the recent exploration include the identification of extensive anomalous gold mineralization in soil samples from the Pika Property. Two separate 100 to 250 meter wide, northeastern trending gold in soil anomalies (>50 ppb Au) have been identified. Individual soil values range from trace to 1090 ppb Au, averaging 108 ppb Au. Strong silver values were also returned. The anomalies are 700 meters and 1,000 meters long separately, with the mineralizing system open for expansion to the north and east. Widespread silicification and high-potassium clay alteration suggest a high-sulphidation Au-Ag epithermal system at Pika. Sampling crews are currently expanding the soil grid at the property. Mineralization at Pika is strongly oxidized due to weathering, with local massive barite and gossan veins identified. Two subcrop samples of gossan assayed 0.30 g/t Au with 4,730 g/t Ag and 0.955 Au with 788 g/t Ag respectively.
A single reconnaissance line was completed a the McElfish prospect, where a single reconnaissance 'ridge and spur' soil line returned several anomalous samples, including an individual sampled that returned 7.16 g/t Au in soil. Follow-up mapping and sampling identified strongly silicified and gossanous altered rocks, with additional assays currently pending.
Reconnaissance work at the Willow property has identified a gold and silver bearing, silicified marble unit hosting gold and silver mineralization. Seven grab and chip samples that assayed over 1.0 g/t Au averaged 1.8 g/t Au and 28.0 g/t Ag, with samples up to 3.3 g/t Au and 98 g/t Ag. The majority of these samples, out of 118 rock occur within a 250 by 100 meter silicified and decalcified area of marble. Silicified marble units have been trace for over 3,000 meters. The target area is surrounded on all sides by active placer gold mines, and represents a sediment-hosted gold target.
Previously reported results (See FMM 2010 NR#10, June 29th 2010) include: the 20X prospect, grab samples from oxidized quartz veins returned 5.5 and 4.0 g/t Au, with anomalous molybdenum and other pathfinder elements similar to the White Gold Property. At the Tweeden prospect, a grab sample from a one meter wide quartz vein trending onto Full Metal claims returned 52.2 g/t Au. Secondary structures splaying off of main structure assayed 1-2 g/t Au on these sheeted structures.
The White Gold district in Alaska occurs within a mineral belt of Cretaceous age deposits, prospects, and placer gold mines trending from the Minto mine in the southwest, and includes porphyry copper and epigenetic gold deposits and prospects such as Freegold Mountain (Northern Freegold), Casino (Western Copper), White Gold (Kinross) and Coffee (Kaminak). This mineral belt strikes to the northeast from the Yukon into Alaska, and includes Full Metal's Rolling Thunder claims, the Fortymile placer district, and Full Metal's high-grade Zn-Ag-Pb-Cu carbonate replacement deposits (see News Release FMM 2010 – NR #5, June 3rd 2010). Over 30 companies are actively exploring along this trend in the Yukon, with an ongoing staking rush up to the Yukon-Alaska border. Full Metal Minerals is the only company that has been actively exploring the Alaska section of this belt during 2010.
Placer gold mining has been ongoing in the Fortymile district since the late 1800's, with over 550,000 ounces of placer gold produced (from Szumigala et al, Alaska DGGS Report 2000). The area is underlain by the same host rocks, a similar tectonic history and intrusive rocks to the White Gold District.
Full Metal and BHP completed an extensive reconnaissance program in the southern portion of the target area during 2008, exploring four porphyry targets. In 2009, Full Metal regained a 100% ownership of this program, after BHP completed extensive geochemical surveys and a large airborne magnetic survey. In addition to a proprietary geochemical data set owned by Full Metal from historic operators, the Company utilized this data in targeting several of the new claim groups.
Full Metal's 2010 exploration program at Rolling Thunder is managed by Robert McLeod, P.Geo, Vice-President Exploration for Full Metal Minerals and a Qualified Persons as defined by NI 43-101. Rock and soil samples have been collected by experienced geologists, placed in sealed bags and delivered by Company employees to ALS-Chemex Labs facility in Fairbanks, Alaska. A sample quality control/quality assurance program using standards and blanks has been implemented. Mr. McLeod prepared and approved the information contained in this release.
Full Metal is a generative exploration company with multiple precious and base metal projects in Alaska and the Yukon. Additional results will be announced shortly from three drilling programs completed during 2010, including 100%-owned Fortymile zinc-silver-lead Property, the Grizzly Butte and Pyramid copper-gold-molybdenum porphyry Properties.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Williams, President and Director
Full Metal's management and geologic team were shared with Underworld Resources, which made a significant discovery at the White Gold Project in the Yukon. Underworld was acquired by Kinross Gold in the spring of 2010. The technical team utilized this experience and understanding of geologic controls, geochemistry and exploration targeting methods which was successful at White Gold to stake these new claims. During the 2010 season, 428 rock and 1,536 soil samples have been collected to-date, as well as some initial mechanical trenching. Many assays are still pending.
Highlights of the recent exploration include the identification of extensive anomalous gold mineralization in soil samples from the Pika Property. Two separate 100 to 250 meter wide, northeastern trending gold in soil anomalies (>50 ppb Au) have been identified. Individual soil values range from trace to 1090 ppb Au, averaging 108 ppb Au. Strong silver values were also returned. The anomalies are 700 meters and 1,000 meters long separately, with the mineralizing system open for expansion to the north and east. Widespread silicification and high-potassium clay alteration suggest a high-sulphidation Au-Ag epithermal system at Pika. Sampling crews are currently expanding the soil grid at the property. Mineralization at Pika is strongly oxidized due to weathering, with local massive barite and gossan veins identified. Two subcrop samples of gossan assayed 0.30 g/t Au with 4,730 g/t Ag and 0.955 Au with 788 g/t Ag respectively.
A single reconnaissance line was completed a the McElfish prospect, where a single reconnaissance 'ridge and spur' soil line returned several anomalous samples, including an individual sampled that returned 7.16 g/t Au in soil. Follow-up mapping and sampling identified strongly silicified and gossanous altered rocks, with additional assays currently pending.
Reconnaissance work at the Willow property has identified a gold and silver bearing, silicified marble unit hosting gold and silver mineralization. Seven grab and chip samples that assayed over 1.0 g/t Au averaged 1.8 g/t Au and 28.0 g/t Ag, with samples up to 3.3 g/t Au and 98 g/t Ag. The majority of these samples, out of 118 rock occur within a 250 by 100 meter silicified and decalcified area of marble. Silicified marble units have been trace for over 3,000 meters. The target area is surrounded on all sides by active placer gold mines, and represents a sediment-hosted gold target.
Previously reported results (See FMM 2010 NR#10, June 29th 2010) include: the 20X prospect, grab samples from oxidized quartz veins returned 5.5 and 4.0 g/t Au, with anomalous molybdenum and other pathfinder elements similar to the White Gold Property. At the Tweeden prospect, a grab sample from a one meter wide quartz vein trending onto Full Metal claims returned 52.2 g/t Au. Secondary structures splaying off of main structure assayed 1-2 g/t Au on these sheeted structures.
The White Gold district in Alaska occurs within a mineral belt of Cretaceous age deposits, prospects, and placer gold mines trending from the Minto mine in the southwest, and includes porphyry copper and epigenetic gold deposits and prospects such as Freegold Mountain (Northern Freegold), Casino (Western Copper), White Gold (Kinross) and Coffee (Kaminak). This mineral belt strikes to the northeast from the Yukon into Alaska, and includes Full Metal's Rolling Thunder claims, the Fortymile placer district, and Full Metal's high-grade Zn-Ag-Pb-Cu carbonate replacement deposits (see News Release FMM 2010 – NR #5, June 3rd 2010). Over 30 companies are actively exploring along this trend in the Yukon, with an ongoing staking rush up to the Yukon-Alaska border. Full Metal Minerals is the only company that has been actively exploring the Alaska section of this belt during 2010.
Placer gold mining has been ongoing in the Fortymile district since the late 1800's, with over 550,000 ounces of placer gold produced (from Szumigala et al, Alaska DGGS Report 2000). The area is underlain by the same host rocks, a similar tectonic history and intrusive rocks to the White Gold District.
Full Metal and BHP completed an extensive reconnaissance program in the southern portion of the target area during 2008, exploring four porphyry targets. In 2009, Full Metal regained a 100% ownership of this program, after BHP completed extensive geochemical surveys and a large airborne magnetic survey. In addition to a proprietary geochemical data set owned by Full Metal from historic operators, the Company utilized this data in targeting several of the new claim groups.
Full Metal's 2010 exploration program at Rolling Thunder is managed by Robert McLeod, P.Geo, Vice-President Exploration for Full Metal Minerals and a Qualified Persons as defined by NI 43-101. Rock and soil samples have been collected by experienced geologists, placed in sealed bags and delivered by Company employees to ALS-Chemex Labs facility in Fairbanks, Alaska. A sample quality control/quality assurance program using standards and blanks has been implemented. Mr. McLeod prepared and approved the information contained in this release.
Full Metal is a generative exploration company with multiple precious and base metal projects in Alaska and the Yukon. Additional results will be announced shortly from three drilling programs completed during 2010, including 100%-owned Fortymile zinc-silver-lead Property, the Grizzly Butte and Pyramid copper-gold-molybdenum porphyry Properties.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Williams, President and Director
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Full Metal Minerals Ltd.
Jeff Sundar
Manager, Investor Relations
604-484-7855
604-484-7155 (FAX)
info@fullmetalminerals.com
www.fullmetalminerals.com
Full Metal Minerals Ltd.
Jeff Sundar
Manager, Investor Relations
604-484-7855
604-484-7155 (FAX)
info@fullmetalminerals.com
www.fullmetalminerals.com
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Threegold (TSX VENTURE:THG) Reorganizes its Management and Closes Second Private Placement
Threegold (TSX VENTURE:THG) Reorganizes its Management and Closes Second Private Placement
VAL-D'OR, QUEBEC, CANADA--(http://www.investorideas.com/ gold and mining stocks blog ) - Sept. 30, 2010) - Threegold Resources Inc. (TSX VENTURE:THG) is pleased to announce that it has proceeded with a reorganization of its management with the arrival of Mr. Victor Goncalves whom accepted to serve as the new president and CEO of the company. This new addition to the management will allow Mr. Antoine Fournier to focus on the exploration as vice-president and COO. The company also wishes to announce that it has completed the previously announced private placement by successfully raising $234,997.92.
Management reorganization
Mr. Victor Goncalves has accepted to join force with Threegold where he will assume the role of President and CEO of the company. He brings to the company a wealth of experience with the financial community having established himself as a respected analyst and newsletter writer. This change has allowed the creation of a new position as Vice-president Exploration and COO that Mr. Antoine Fournier will assume. Threegold has always been a field-oriented company with numerous active projects, the new Vice-president will now be able to overview the field activities and monitor the progress more efficiently.
Mr. Richard Tanguay, Chairman of the Board, comments the restructuring: "We spent considerable time over the summer putting together a strategy both at the corporate level and for field operations. After evaluating our current situation, we realized that we needed to strengthen our management and allow Antoine to commit more time to exploration. We strongly believe that Victor will greatly assist in giving our company the momentum and visibility that it deserves." Mr. Fournier adds: "We feel privileged to have Victor joining our team as we feel that he will be instrumental in energizing the company. We now have a more balanced management team where everyone will be able to contribute in their best capacities."
Mr. Goncalves holds a B.A in Economics and has nearly 10 years experience in the financial markets. His experience spans from consulting for the Harvard Management Fund to writing for multiple financial publications. He is a welcome part of the Threegold team.
Closing of Private Placement
According to the terms of the placement, the company successfully raised $234,997.92 by issuing 3,916,632 units at a price of $0.06 per unit. Each unit is be comprised of one (1) common share of the company and one share purchase warrant entitling the holder to purchase one additional common share of the company at a price of $0.10 for a period of one year following the closing The warrants include an acceleration clause to the effect that if at any time after four (4) months and one (1) day following the closing of the private placement the trading price of the common shares of Threegold on the TSX Venture Exchange is equal or exceeds $0.20 for 10 consecutive trading days, Threegold shall be entitled to notify the holders of warrants of its intention to force the exercise of the warrants. Upon receipt of such notice, the holders of warrants shall have 30 days to exercise the warrants, failing which the warrants will automatically expire. Management and insiders accounted for 698,333 units or $41,900 of the total placement.
In connection with the private placement, a 6% commission was paid on a portion of the financing for a total of $3,720 and no warrants were issued. All of the proceeds from this private placement will be used for general corporate purposes as well as for exploration work on the company's existing mining exploration properties located in the province of Quebec. The private placement is subject to regulatory approval.
In accordance with applicable securities legislation, the securities issued in connection with the private placement will be subject to a four‐month hold period following the closing of the offering.
The company issued a press release on September 21, 2010 in order to announce the closing of a private placement in the amount of $500,000. However, the acceleration clause contained in this news release was not disclosed properly and should have read exactly as the acceleration clause described above.
ABOUT THREEGOLD
Threegold Resources is a dynamic and active Quebec‐based junior explorer with a diversified property portfolio. Threegold is pursuing exploration on three main projects in Quebec: Lemieux Dome in the Gaspé Peninsula for copper, zinc, lead, silver and gold; Mercier in the Abitibi region where the company recently made a rare earth element discovery containing base and rare metals (see press release of February 2, 2010); and Adanac, a gold property located a few kilometres from downtown Rouyn‐Noranda.
Management reorganization
Mr. Victor Goncalves has accepted to join force with Threegold where he will assume the role of President and CEO of the company. He brings to the company a wealth of experience with the financial community having established himself as a respected analyst and newsletter writer. This change has allowed the creation of a new position as Vice-president Exploration and COO that Mr. Antoine Fournier will assume. Threegold has always been a field-oriented company with numerous active projects, the new Vice-president will now be able to overview the field activities and monitor the progress more efficiently.
Mr. Richard Tanguay, Chairman of the Board, comments the restructuring: "We spent considerable time over the summer putting together a strategy both at the corporate level and for field operations. After evaluating our current situation, we realized that we needed to strengthen our management and allow Antoine to commit more time to exploration. We strongly believe that Victor will greatly assist in giving our company the momentum and visibility that it deserves." Mr. Fournier adds: "We feel privileged to have Victor joining our team as we feel that he will be instrumental in energizing the company. We now have a more balanced management team where everyone will be able to contribute in their best capacities."
Mr. Goncalves holds a B.A in Economics and has nearly 10 years experience in the financial markets. His experience spans from consulting for the Harvard Management Fund to writing for multiple financial publications. He is a welcome part of the Threegold team.
Closing of Private Placement
According to the terms of the placement, the company successfully raised $234,997.92 by issuing 3,916,632 units at a price of $0.06 per unit. Each unit is be comprised of one (1) common share of the company and one share purchase warrant entitling the holder to purchase one additional common share of the company at a price of $0.10 for a period of one year following the closing The warrants include an acceleration clause to the effect that if at any time after four (4) months and one (1) day following the closing of the private placement the trading price of the common shares of Threegold on the TSX Venture Exchange is equal or exceeds $0.20 for 10 consecutive trading days, Threegold shall be entitled to notify the holders of warrants of its intention to force the exercise of the warrants. Upon receipt of such notice, the holders of warrants shall have 30 days to exercise the warrants, failing which the warrants will automatically expire. Management and insiders accounted for 698,333 units or $41,900 of the total placement.
In connection with the private placement, a 6% commission was paid on a portion of the financing for a total of $3,720 and no warrants were issued. All of the proceeds from this private placement will be used for general corporate purposes as well as for exploration work on the company's existing mining exploration properties located in the province of Quebec. The private placement is subject to regulatory approval.
In accordance with applicable securities legislation, the securities issued in connection with the private placement will be subject to a four‐month hold period following the closing of the offering.
The company issued a press release on September 21, 2010 in order to announce the closing of a private placement in the amount of $500,000. However, the acceleration clause contained in this news release was not disclosed properly and should have read exactly as the acceleration clause described above.
ABOUT THREEGOLD
Threegold Resources is a dynamic and active Quebec‐based junior explorer with a diversified property portfolio. Threegold is pursuing exploration on three main projects in Quebec: Lemieux Dome in the Gaspé Peninsula for copper, zinc, lead, silver and gold; Mercier in the Abitibi region where the company recently made a rare earth element discovery containing base and rare metals (see press release of February 2, 2010); and Adanac, a gold property located a few kilometres from downtown Rouyn‐Noranda.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact
Threegold Resources Inc.
Mr. Victor Goncalves
President and CEO
204-997-5517
819-825-7545 (FAX)
info@threegold.ca
or
Threegold Resources Inc.
Mr. Octavio Soares FCA
Chief Financial Officer
418-999-8811
418-652-8149 (FAX)
info@threegold.ca
www.threegold.ca
or
S.N.D.L. Financial Communication
Mr. Sylvain Laberge
Investor Relations
514-380-5610
slaberge@sdnlfinancial.com
Threegold Resources Inc.
Mr. Victor Goncalves
President and CEO
204-997-5517
819-825-7545 (FAX)
info@threegold.ca
or
Threegold Resources Inc.
Mr. Octavio Soares FCA
Chief Financial Officer
418-999-8811
418-652-8149 (FAX)
info@threegold.ca
www.threegold.ca
or
S.N.D.L. Financial Communication
Mr. Sylvain Laberge
Investor Relations
514-380-5610
slaberge@sdnlfinancial.com
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(TSX VENTURE:CZH) News; Crazy Horse Appoints AMEC Minproc as Taysan Study Managers
(TSX VENTURE:CZH) News; Crazy Horse Appoints AMEC Minproc as Taysan Study Managers
VANCOUVER, BRITISH COLUMBIA--(http://www.investorideas.com/ mining and gold stocks blog ) - Sept. 30, 2010) - Crazy Horse Resources Inc. (TSX VENTURE:CZH) (the "Company") is pleased to announce it has engaged AMEC Minproc Limited ("AMEC") to act as study managers and process plant consultants for the Company's Taysan copper-gold project Scoping Study (the "Taysan Study").
Under the terms of its engagement letter, AMEC has agreed to manage the Taysan Study and provide process plant scoping level designs, costings and implementation strategies over a six month period. The Taysan Study start date and the engagement of AMEC are conditional upon and commensurate with the completion of the Company's acquisition of a 100% interest in the Taysan copper-gold project in the Philippines, which is subject to the approval of the TSX Venture Exchange.
AMEC Minproc has a successful history in the development and provision of engineering services and project delivery of mineral processing facilities spanning 30 years. Its credentials include completion of more than 400 feasibility studies and over 240 major projects in 40 countries, playing an important role in some of the world's major resource provinces. The Taysan Study will be managed out of AMEC's Brisbane office supported by its global experience and high value engineering centres in Asia, including the Philippines.
The resource estimation for the Taysan Study will be provided by Mining Associates which is a specialist minerals and energy consultancy based in Brisbane, Australia. Mining Associate's Andrew Vigar is a technical advisor to Crazy Horse. The mining study will be provided by IMC Mining Solutions Pty Ltd also out of Brisbane. Both Mining Associates and IMC have extensive and recent Philippines experience.
For additional information concerning the Taysan Project, see the NI 43-101 compliant technical report filed under the Company's profile on SEDAR (www.sedar.com).
ON BEHALF OF THE BOARD
Darren Devine, President and CEO
This press release includes "forward-looking statements" including the engagement of AMEC, IMC Mining Solutions Pty Ltd and Mining Associates following the successful completion of the Acquisition of the Taysan project which is beyond the control of Crazy Horse Resources Inc. Statements regarding the completion of the Acquisition are subject to all of the risks and uncertainties normally incident with the raising of capital and completing corporate transactions including, but are not limited to, financing risks, inflation and costs of goods and services, property title issues and regulatory approvals. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Crazy Horse Resources Inc. does not assume the obligation to update any forward-looking statement, except as required by applicable law.
Under the terms of its engagement letter, AMEC has agreed to manage the Taysan Study and provide process plant scoping level designs, costings and implementation strategies over a six month period. The Taysan Study start date and the engagement of AMEC are conditional upon and commensurate with the completion of the Company's acquisition of a 100% interest in the Taysan copper-gold project in the Philippines, which is subject to the approval of the TSX Venture Exchange.
AMEC Minproc has a successful history in the development and provision of engineering services and project delivery of mineral processing facilities spanning 30 years. Its credentials include completion of more than 400 feasibility studies and over 240 major projects in 40 countries, playing an important role in some of the world's major resource provinces. The Taysan Study will be managed out of AMEC's Brisbane office supported by its global experience and high value engineering centres in Asia, including the Philippines.
The resource estimation for the Taysan Study will be provided by Mining Associates which is a specialist minerals and energy consultancy based in Brisbane, Australia. Mining Associate's Andrew Vigar is a technical advisor to Crazy Horse. The mining study will be provided by IMC Mining Solutions Pty Ltd also out of Brisbane. Both Mining Associates and IMC have extensive and recent Philippines experience.
For additional information concerning the Taysan Project, see the NI 43-101 compliant technical report filed under the Company's profile on SEDAR (www.sedar.com).
ON BEHALF OF THE BOARD
Darren Devine, President and CEO
This press release includes "forward-looking statements" including the engagement of AMEC, IMC Mining Solutions Pty Ltd and Mining Associates following the successful completion of the Acquisition of the Taysan project which is beyond the control of Crazy Horse Resources Inc. Statements regarding the completion of the Acquisition are subject to all of the risks and uncertainties normally incident with the raising of capital and completing corporate transactions including, but are not limited to, financing risks, inflation and costs of goods and services, property title issues and regulatory approvals. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Crazy Horse Resources Inc. does not assume the obligation to update any forward-looking statement, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Gold Stocks ; Manitou Gold (TSX VENTURE:MTU) Samples 495 g/t Gold at Canamerica; Drilling at Sherridon to Resume
Gold Stocks ; Manitou Gold (TSX VENTURE:MTU) Samples 495 g/t Gold at Canamerica; Drilling at Sherridon to Resume
SUDBURY, ONTARIO--(http://www.investorideas.com/ gold and mining stocks blog ) - Sept. 30, 2010) - Manitou Gold Inc. (TSX VENTURE:MTU) today reports the receipt of grab sample results from historical gold occurrences located on the Canamerica Property, within the Upper Manitou Lake Area. The samples were collected during a recently completed first pass prospecting program on Canamerica claims situated along the northeastern projection of the Manitou Straits Deformation Zone. The claims cover a number of historical pits, shafts and occurrences which have received minimal prior exploration attention.
The Peak Lake occurrences are located 7 km northeast of the Big Master Mine, proximal to the northeast trending Manitou Straits Fault. This summer's prospecting program located and sampled a number of poorly documented shafts and pits. One vein that was sampled returned a number of high grade assay results ranging from trace to 495 g/t Au, with other samples returning 125 g/t Au and 88 g/t Au. Previous exploration reported in this area was limited to prospecting and widely spaced drilling. The showing is amenable to backhoe trenching and will be further evaluated during the fall exploration program.
A summary of grab samples from the Peak Lake are detailed in the following Table 1:
The Little Master Shaft is located 3.2 km northeast of the Big Master Mine and is also within the Manitou
Straits Deformation Zone. The history and details of the Little Master operation is unknown as records were not preserved by prior operators. This summer's field work located the shaft and estimated the depth of it to be greater than 20 metres. The shaft was sunk on a quartz vein system. Manitou Gold traced this vein system on surface for 50 metres until it continued under overburden. Assay samples returned values ranging from 2.6 g/t to 169 g/t Au with a number of highly anomalous samples (see Table 2 below). The Little Master gold bearing vein is located along the flanks of a 600 metre long Induced Polarization ("IP") chargeability anomaly. This prospective target will be evaluated during the upcoming fall exploration program.
A summary of grab sample assay results from the Little Master areas is included in the following table:
A map showing the location of both the Peak Lake and Little Master occurrences can be found at the Company's web site at the following link: www.manitougold.com/properties.html
The Company will be commencing the next phase of diamond drilling on the Sherridon and Kenwest Projects within approximately 10 days. Drilling will begin at the Sherridon Project, where the recently completed first phase 10 hole drill program (1,308 m) tested a number of IP anomalies and surface gold showings. Visible gold was identified in a number of narrow shear zones intersected in the drilling. Assay results ranged between trace and 25.3 g/t Au over narrow intervals. Drilling will then proceed to the Kenwest project to follow up on the a significant drill intersection of 15.4 g/t Au over 6.5 metres in hole KW-10-13.
Manitou Gold also announces that it has retained Doug Kerr of CACS International Inc. to provide corporate communications services to the Company. The contract is for an initial 3 month term at the rate of $2,000 per month, which may be extended on a month to month basis, and also includes the grant of incentive stock options to purchase up to 50,000 shares in the capital of the Company at the price of $0.42 per share. The grant of stock options is for a term of three years and is subject to the terms and conditions of the Company's stock option plan and the policies of the TSX Venture Exchange. The Company has also granted a further 50,000 stock options to purchase shares of the Company, at a price of $0.42 per share for a period of 3 years, to an employee of the Company.
About Manitou Gold
Manitou Gold Inc. is a well-funded gold exploration company focused with a dominant land position in the Gold Rock Mining Camp, located in the Kenora Mining District, in Northwestern Ontario. The Company's largest individual shareholder is Goldcorp Inc, who holds a 15% interest in the Company.
The Qualified Person responsible for the technical content of this news release is Todd Keast, P. Geo., Vice President, Exploration of Manitou Gold Inc. Mr. Keast has verified all of the technical data contained in this release.
The Company has implemented a quality control program to ensure best practice in sampling and analysis. Assayed samples are transported in security sealed bags for preparation and analysis at ALS Chemex facilities. ALS Chemex is an ISO 9001-2000 and ISO 17025 registered laboratory. A prepared sample is digested with aqua regia. The resulting solution is analyzed by inductively coupled plasma-atomic emission spectrometry.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, dependence upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers should also refer to the specific factors disclosed under the heading "Risk Factors" in the Company's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.
The Peak Lake occurrences are located 7 km northeast of the Big Master Mine, proximal to the northeast trending Manitou Straits Fault. This summer's prospecting program located and sampled a number of poorly documented shafts and pits. One vein that was sampled returned a number of high grade assay results ranging from trace to 495 g/t Au, with other samples returning 125 g/t Au and 88 g/t Au. Previous exploration reported in this area was limited to prospecting and widely spaced drilling. The showing is amenable to backhoe trenching and will be further evaluated during the fall exploration program.
A summary of grab samples from the Peak Lake are detailed in the following Table 1:
| Table 1: Peak Lake Grab Samples | |
| Sample # | Au g/t |
| H180454 | 495.0 |
| H180432 | 125.5 |
| H180430 | 88.1 |
| H180431 | 47.1 |
| H180444 | 22.7 |
| H180443 | 17.2 |
| H180456 | 14.5 |
| H180455 | 1.6 |
| Note: Grab samples are, by nature, selective and are unlikely to represent average grades on the property. | |
Straits Deformation Zone. The history and details of the Little Master operation is unknown as records were not preserved by prior operators. This summer's field work located the shaft and estimated the depth of it to be greater than 20 metres. The shaft was sunk on a quartz vein system. Manitou Gold traced this vein system on surface for 50 metres until it continued under overburden. Assay samples returned values ranging from 2.6 g/t to 169 g/t Au with a number of highly anomalous samples (see Table 2 below). The Little Master gold bearing vein is located along the flanks of a 600 metre long Induced Polarization ("IP") chargeability anomaly. This prospective target will be evaluated during the upcoming fall exploration program.
A summary of grab sample assay results from the Little Master areas is included in the following table:
| Table 2: Little Master Grab Samples | |
| Sample # | Au g/t |
| H180386 | 168.5 |
| H180385 | 33.1 |
| H180381 | 28.0 |
| H180379 | 21.8 |
| H180389 | 10.5 |
| H180382 | 9.3 |
| H180384 | 7.5 |
| H180388 | 7.0 |
| H180380 | 6.9 |
| H180387 | 6.5 |
| H180383 | 4.7 |
| H180390 | 4.0 |
| H180392 | 3.4 |
| H180391 | 2.6 |
| Note: Grab samples are, by nature, selective and are unlikely to represent average grades on the property. | |
The Company will be commencing the next phase of diamond drilling on the Sherridon and Kenwest Projects within approximately 10 days. Drilling will begin at the Sherridon Project, where the recently completed first phase 10 hole drill program (1,308 m) tested a number of IP anomalies and surface gold showings. Visible gold was identified in a number of narrow shear zones intersected in the drilling. Assay results ranged between trace and 25.3 g/t Au over narrow intervals. Drilling will then proceed to the Kenwest project to follow up on the a significant drill intersection of 15.4 g/t Au over 6.5 metres in hole KW-10-13.
Manitou Gold also announces that it has retained Doug Kerr of CACS International Inc. to provide corporate communications services to the Company. The contract is for an initial 3 month term at the rate of $2,000 per month, which may be extended on a month to month basis, and also includes the grant of incentive stock options to purchase up to 50,000 shares in the capital of the Company at the price of $0.42 per share. The grant of stock options is for a term of three years and is subject to the terms and conditions of the Company's stock option plan and the policies of the TSX Venture Exchange. The Company has also granted a further 50,000 stock options to purchase shares of the Company, at a price of $0.42 per share for a period of 3 years, to an employee of the Company.
About Manitou Gold
Manitou Gold Inc. is a well-funded gold exploration company focused with a dominant land position in the Gold Rock Mining Camp, located in the Kenora Mining District, in Northwestern Ontario. The Company's largest individual shareholder is Goldcorp Inc, who holds a 15% interest in the Company.
The Qualified Person responsible for the technical content of this news release is Todd Keast, P. Geo., Vice President, Exploration of Manitou Gold Inc. Mr. Keast has verified all of the technical data contained in this release.
The Company has implemented a quality control program to ensure best practice in sampling and analysis. Assayed samples are transported in security sealed bags for preparation and analysis at ALS Chemex facilities. ALS Chemex is an ISO 9001-2000 and ISO 17025 registered laboratory. A prepared sample is digested with aqua regia. The resulting solution is analyzed by inductively coupled plasma-atomic emission spectrometry.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, dependence upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers should also refer to the specific factors disclosed under the heading "Risk Factors" in the Company's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact
Manitou Gold Inc.
Richard Murphy
President and CEO
(705) 222-8800
(705) 222-8801 (FAX)
info@manitougold.com
www.manitougold.com
or
CACS International Inc.
Doug Kerr
(604) 315-4400
dougkerr@shaw.ca
Manitou Gold Inc.
Richard Murphy
President and CEO
(705) 222-8800
(705) 222-8801 (FAX)
info@manitougold.com
www.manitougold.com
or
CACS International Inc.
Doug Kerr
(604) 315-4400
dougkerr@shaw.ca
Visit Investorideas.com leading mining portals - www.gold-miningstocks.com and www.miningsectorstocks.com to get stock news, directories and showcase mining stocks to follow. Gold and mining investors can research stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges. The investorideas.com mining stock directory lists over 1100 publicly traded mining stocks for investors. Preview the directory here : http://www.investorideas.com/Gold_Stocks/Stocks_List.asp
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(TSX VENTURE:SMY) Search Minerals Announces Non-Brokered Private Placement
(TSX VENTURE:SMY) Search Minerals Announces Non-Brokered Private Placement
VANCOUVER, BRITISH COLUMBIA--(http://www.investorideas.com/ gold and mining stocks blog ) - Sept. 30, 2010) - Search Minerals Inc. ("SMY" or "the Company") (TSX VENTURE:SMY) announces that, subject to regulatory approval, it intends to proceed with a non-brokered private placement (the "Private Placement") to raise up to $1,000,000 by the issuance of 1,666,666 flow-through units (the "Units") at $0.60 per Unit. Each Unit will consist of one flow-through common share and one non-flow-through common share purchase warrant (the "Warrants"), with each Warrant entitling the holder to purchase an additional common share for a period of two years at a price of $1.00 for the first year from the date of closing and a price of $1.50 thereafter until the expiry date.
With respect to this Private Placement, the Company may pay a cash finders' fee equal to 5% of the gross proceeds raised from the sale of the Units. Additionally, certain finders may receive finders' warrants (the "Finders' Warrants") equal to 8% of the number of Units purchased by subscribers introduced to the Company by such finders, with such Finders' Warrants having the same terms as the Warrants.
The securities issued by the Company in connection with this Private Placement are subject to a four month hold period as prescribed by applicable Canadian securities laws.
The Company intends to use the proceeds from this Private Placement for general working capital purposes and for furthering the exploration of the Company's exploration properties.
About Search Minerals Inc.
Search Minerals Inc. (TSX VENTURE:SMY) has a strong and dedicated management team with outstanding capabilities in separate but related mining activities, any of which has the potential to generate significant shareholder value. Search's mineral exploration team is led by Vice President Exploration Dr. Randy Miller. Dr. Miller is responsible for directing the current exploration programs on Search's large land position in Labrador. Search also has a technology arm headed up by Dr. David Dreisinger, Chair of Hydrometallurgy at the University of British Columbia in Vancouver, Canada, and a consultant to several major international mining companies. Search's business strategy is to fund new ideas or concepts in the mineral exploration or metallurgical fields that have low initial costs and high potential.
Cautionary Statement:
This news release contains forward-looking statements. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include those risks set out in the Company's public documents filed on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell or solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to a U.S. Person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
With respect to this Private Placement, the Company may pay a cash finders' fee equal to 5% of the gross proceeds raised from the sale of the Units. Additionally, certain finders may receive finders' warrants (the "Finders' Warrants") equal to 8% of the number of Units purchased by subscribers introduced to the Company by such finders, with such Finders' Warrants having the same terms as the Warrants.
The securities issued by the Company in connection with this Private Placement are subject to a four month hold period as prescribed by applicable Canadian securities laws.
The Company intends to use the proceeds from this Private Placement for general working capital purposes and for furthering the exploration of the Company's exploration properties.
About Search Minerals Inc.
Search Minerals Inc. (TSX VENTURE:SMY) has a strong and dedicated management team with outstanding capabilities in separate but related mining activities, any of which has the potential to generate significant shareholder value. Search's mineral exploration team is led by Vice President Exploration Dr. Randy Miller. Dr. Miller is responsible for directing the current exploration programs on Search's large land position in Labrador. Search also has a technology arm headed up by Dr. David Dreisinger, Chair of Hydrometallurgy at the University of British Columbia in Vancouver, Canada, and a consultant to several major international mining companies. Search's business strategy is to fund new ideas or concepts in the mineral exploration or metallurgical fields that have low initial costs and high potential.
Cautionary Statement:
This news release contains forward-looking statements. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include those risks set out in the Company's public documents filed on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell or solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to a U.S. Person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
For more information, please contact
Search Minerals Inc.
Jim Clucas
President and CEO
604-688-6180
604-682-7317 (FAX)
jimclucas@searchminerals.ca
www.searchminerals.ca
Search Minerals Inc.
Jim Clucas
President and CEO
604-688-6180
604-682-7317 (FAX)
jimclucas@searchminerals.ca
www.searchminerals.ca
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