Houston Lake Mining Inc. (TSX-V: HLM) (PINKSHEETS: HLKMF), an
advanced exploration company seeking gold, platinum group and rare
metal deposits in Ontario, today released its report for the third
quarter ended December 31, 2008.
Third Quarter Highlights
Dubenski Gold Zone
* Initiates and completes 2,232 metre Phase II drill program to extend
Dubenski Shaft zone.
* Reports program successfully extended the Shaft Zone from 60 metres to
over 165 metres along strike.
* Published 3D models illustrating an improving geophysical response with
depth below the Shaft Zone.
Dogpaw Gold Zone
* Reported drill results from 8 holes completed on the Dogpaw No. 1 and
No. 2 Veins. Of the 47 hole program, 36 holes intersected gold grades of
3 g/mt or higher.
* Mechanized stripping and channel sampling of the No. 4 Vein extended the
gold system at Dogpaw for a total strike length of 310 metres.
Financings
* Raised $755,200 in a flow through financing in December.
Investor Relations
* Retained the California-based firm of Incorporated Communications
Services ("ICS") to conduct media awareness and investor relations
programs on behalf of the Company in the United States.
"Drilling on our properties continues into the current quarter
and we are building on the success of our past quarter drilling on
both the Dubenski and Dogpaw properties," said Grayme Anthony,
President & CEO. He continued, "In the near-term, we expect to
have a steady stream of drill results to report. We recently
published an NI 43-101 resource calculation on the Dubenski Shaft
Zone. The initial phase II drilling results strongly indicate that
we are adding to that resource."
Exploration expenses, salaries and other outlays were funded
from treasury. During the nine months ended December 31, 2008
Houston Lake invested $1,820,547 in the mining properties. Of the
total:
* $781,051 was incurred in acquisition and exploration costs for the
Dubenski property;
* $884,368 was devoted to exploration on the Dogpaw Lake property;
* $82,589 was expended on the West Cedartree property;
* $72,539 was spent on the Pakeagama Lake and Tib Lake properties
Expenses during the nine months ended December 31, 2008
increased to $436,980 in 2008 from $360,660 in 2007. The nine month
increase reflected higher shareholder and investor relations costs,
and transfer and filing fees connected with financings. Net loss
per share as at December 31, 2008 was $436,438 ($0.015/share)
compared to a net loss of $360,097 ($0.013/share) in 2007.
Houston Lake issued 2,517,332 Flow-Through Units priced at $0.30
per unit for gross proceeds of $755,200 through a non-brokered
private placement with the MineralFields Group and NovaDX Ventures
Inc. At December 31, 2008, working capital totaled $964,533,
compared to $421,516 as at March 31, 2007. The Company's current
rate of cash consumption, excluding expenditures on work programs,
is about $25,000 per month.
E. Grayme Anthony, P. Geo., President of the Company, is the
Qualified Person under the guidelines of NI 43-101 for the
technical aspects of this news release.
Outlook
"Looking into the fourth quarter we will continue to focus on
the exploration and development of those areas where we can
effectively add to the overall resources at the West Cedartree
project. As always we strive to minimize exploration risk while
maximizing the impact of our dollars spent," commented Mr.
Anthony.
Houston Lake has made considerable progress on its development
timeline, which can be viewed at www.houstonlakemining.com.
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. For additional
information, we invite you to visit us at
www.houstonlakemining.com.
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
Contact In Canada: Linx Partners Ltd. Wanda Cutler Tel:
416-303-6460 In United States: ICS George Duggan Tel:
818-542-6880
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