Altavista Mines - $850,000 financing completed for the Wild Mick Project in Zimbabwe.BOUCHERVILLE, Quebec--(BUSINESS WIRE)--March 17, 1997--ALTAVISTA MINES INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (ME:AIA AIA - Application Integration Architecture ) is pleased to announce that it has closed a $850,000 financing with private investors. This financing consists of the issuance of 772,727 units priced at $1.10 per unit. Each unit consists of one common share and half a warrant. Each whole warrant enables its holder to subscribe an additional common share at a price of $1.43 per share for an 18- month period. The proceeds will be used to finance drilling work on the Wild Mick property in Zimbabwe. On February 20, 1997, Altavista Mines announced the signature of a letter agreement with Inmet Mining The 'Inmet Mining Corporation is a Canadian mining corporation that currently holds an 18% stake in Ok Tedi Mining Limited. Corporation regarding an option to acquire a 50 percent interest in the Wild Mick property. The agreement provides for Altavista to earn a 50 percent interest by funding a total of $1,600,000 in exploration work on the property before December 31, 1998, including $800,000 before December 31, 1997. The Wild Mick property comprises 25 claims blocks for a total of 2,267 claims covering an area of 22.68 square kilometres Square kilometre (U.S. spelling: square kilometer), symbol km², is a decimal multiple of the SI unit of surface area, the square metre, one of the SI derived units. 1 km² is equal to:
Number of rock samples collected and values obtained in g/t Au 5 samples over 20 g/t Au: 290.5 81.2 58.6 26.9 20.6 5 samples between 10 and 20 g/t Au: 16.8 14.4 13.8 10.6 10.2 6 samples between 5 and 10 g/t Au: 9.4 8.3 7.4 7.3 6.4 6.4 26 samples between 2 and 5 g/t Au: 4.8 4.1 4.0 3.7 3.6 ... Furthermore, the presence of 19 production shafts and of numerous alluvial al·lu·vi·al adj. Of, relating to, or found in alluvium: alluvial soil; alluvial gold. alluvial Adjective of or relating to alluvium Noun gold deposits from which several thousand ounces of gold were mined by artisanal miners attest To solemnly declare verbally or in writing that a particular document or testimony about an event is a true and accurate representation of the facts; to bear witness to. To formally certify by a signature that the signer has been present at the execution of a particular writing so as to the high gold-bearing potential of the property. The Wild Mick property is located in the southern part of the Kwekwe greenstone belt Greenstone belts are zones of variably metamorphosed mafic to ultramafic volcanic sequences with associated sedimentary rocks that occur within Archaean and Proterozoic cratons between granite and gneiss bodies. , which hosts most of the gold deposits in Zimbabwe exceeding 1 million ounces (Cam & Motor: 4.9 million ounces; Globe and Phoenix: 4 million ounces). The property is adjacent to the Wanderer mine (1.2 million ounces), and is located eight kilometres north-northeast of the Tebekwe mine (1.3 million ounces). In Zimbabwe, the average grade of the 16 mines with reserves of more than 500,000 ounces of gold is 14.2 g/t Au (0.41 oz/t Au), with the exception of Globe and Phoenix, which has a grade of 27.6 g/t Au (0.81 oz/t Au). The 1997 drilling program, budgeted at $800,000, is scheduled to start in April. It will be aimed at testing the best combined geochemical, geological and geophysical ge·o·phys·ics n. (used with a sing. verb) The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology. targets by diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral . Specific targets will be outlined after final compilation of the 1996 field data. This budget should allow the drilling of 4,000 metres in approximately 20 holes. Inmet will be the operator during the earn-in period. In April 1997, Altavista Mines will also start a new drilling program on its Santa Anna property, located 15 kilometres west of La Sarre in Northwestern Quebec. CONTACT: Altavista Mines Inc. Guy Hebert Guy Andre Hebert (born January 7, 1967 in Troy, New York) is a former professional ice hockey goaltender. Always a proud American, he used the French pronunciation of his first and last names because it "sounded better." He played for the St. , 514/ 641-0775 514/ 641-1601 (FAX) altavista@altavistamines.com http://www.altavistamines.com or Altavista Mines Inc. Francois Kalos, 514/ 641-0775 514/ 641-1601 (FAX) altavista@altavistamines.com http://www.altavistamines.com or Altavista Mines Inc. Roger Desloges, 416/ 368-5115 416/ 925-7881 (FAX) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion