Houston Lake Mining Closes a $755,200 Private Placement
08 Gennaio 2009 - 7:52PM
Marketwired
Houston Lake Mining Inc. (PINKSHEETS: HLKMF) (TSX-V: HLM) (the
"Company") is pleased to announce that the Company has raised
$755,200 through the sale of 2,517,332 Flow-Through Units priced at
$0.30 per unit in a non-brokered private placement with the
Mineralfields Group and NovaDX Ventures Inc. Each Flow-Through Unit
consists of one flow-through common share and one half of one
common share purchase warrant. Each whole warrant is exercisable
into one common share at an exercise price of $0.35 for 24 months
from closing. Proceeds from the financing will be used to advance
Houston Lake's 100% owned and 100% optioned gold properties located
near Kenora, Ontario.
All securities issued in connection with this financing have a
hold period of 4 months which expires on April 23, 2009. An
aggregate finder's fee of $45,012 (6% of the gross proceeds), due
diligence fee of $15,004 (2% of the gross proceeds) and 200,053
agents' options (8% of the total issuance) was paid pursuant to the
offering. Each agent option is exercisable at an exercise price of
$0.30 into one common share and one-half of one broker warrant for
a period of two years, with each whole broker warrant exercisable
at a price of $0.35 into one common share for a period of two
years.
"With sufficient funds in place we are focused on the expanding
our gold resources at West Cedartree and moving closer toward our
goal of justifying an on-site mill," said E. Grayme Anthony,
President and Chief Executive Officer. "We continue to make
progress on our property with an NI 43-101 report due out in
January. We have reported some excellent exploration results from
Phase I drilling and I am looking forward to reporting results from
our Phase II program early in the New Year."
West Cedartree Exploration
Technical crews are back at work logging and sampling the
remainder of the Phase II 22 hole, 2,232m (7,321 ft.) diamond drill
program that was completed in the vicinity of the Shaft Zone. The
Shaft Zone forms a significant portion of the Dubenski historic
gold resource of 355,286 tonnes grading 6.32 g/mt gold (391,636
tons averaging 0.184 oz/st gold). The current drill program aims to
expand the Shaft Zone resource from the Phase I drilling carried
out earlier this year. A total of 205 core samples were shipped by
December 18, 2008. Results are expected in 3 to 5 weeks and will be
announced as soon as they are received.
Consulting geologists Watts Griffis and McOuat (WGM) of Toronto
managed the drill program at Dubenski and have been contracted to
complete an NI 43-101 report on the Shaft Zone resource. The NI
43-101 compliant Technical Report and Mineral Resource Estimate is
expected in the next few weeks. Results from the Phase II drill
program will not be considered in the WGM report.
A deep IP survey was conducted in February and March of 2008 by
Matrix GeoTechnologies Ltd. ("Matrix") of Toronto. The survey
identified a strong conductive anomaly that is continuous for over
1,200 metres (3,936 ft.) and coincides with the Shaft, Central and
East Zones of Dubenski. 3D modeling by Matrix appears to confirm
that chargeability responses associated with the resistivity
anomaly at Dubenski appear to strengthen with depth and may
indicate the possible down plunge extension of the Shaft Zone
mineralization on the property. Line-cutting crews are currently
reestablishing grid lines so that the Matrix deep IP survey can be
expanded further to the west.
Due Diligence
All samples reported were shipped to TSL Laboratories, an ISO
accredited facility, of Saskatoon, Saskatchewan. Samples taken from
the core of the mineralized zone were analyzed utilizing a screen
metallic assay method. This methodology provides a higher level of
assurance by testing a large quantity of sample (1,000g) and by
monitoring the size distribution of the gold. Samples taken from
the shoulders of the mineralized zone were analyzed by fire assay
utilizing a 50 gram charge. All samples were assayed with an AA
finish and those samples assaying above 3 g/mt gold were retested
utilizing a gravimetric finish. The samples will also be re-checked
at a second qualified laboratory in keeping with the Company's
standard due diligence procedures.
The tonnages, grades, assays and other technical data are taken
from historical records prior to the implementation of NI 43-101.
While the data are believed to have been acquired, processed and
disclosed by persons believed to be technically competent, it is
unverifiable at present.
A qualified person as defined under NI 43-101 has not done
sufficient work to classify the historical estimate as current
mineral resources or mineral reserves. Houston Lake is not treating
the historical estimates as current mineral resources or mineral
reserves as defined in NI 43-101 and the historical estimate should
not be relied upon.
E. Grayme Anthony, P. Geo., President of the Company, is the
Qualified Persons under the guidelines of NI 43-101 for the
technical aspects of this news release.
About Houston Lake Mining Inc.
Houston Lake is an advanced, vertically integrated resource
exploration company. The Company is actively exploring for gold,
platinum group metal and rare metal deposits in northwestern
Ontario with a strategic focus on the West Cedartree gold project.
Houston Lake's objective in the short term is to become a gold
producer by surface mining its West Cedartree gold project and
developing its 100% owned and optioned properties. The Company has
a total of 33,716,213 common shares issued exclusive of the
announced financing. For additional information, we invite you to
visit us at www.houstonlakemining.com.
Company Contacts
Houston Lake Mining In Canada: Linx Partners Ltd.
E. Grayme Anthony P.Geo., MBA Wanda Cutler Tel: 416-303-6460
President and CEO
Tel: 705-897-7622
Fax: 705-897-7618 In United States: ICS
ganthony@vianet.on.ca George Duggan Tel: 818-542-6880
Forward-looking Statements
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. 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 future
production, reserve potential, 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, 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 those 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 registered filings what are available at
www.sedar.com.
www.houstonlakemining.com
Distributed by Filing Services Canada and retransmitted by
Marketwire
Company Contacts: Houston Lake Mining E. Grayme Anthony P.Geo.,
MBA President and CEO Tel: 705-897-7622 Fax: 705-897-7618 Email
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