Argosy announces financing arranged for gold acquisitions in Slovak Republic.VANCOUVER, BC--(BUSINESS WIRE)--Nov. 6, 1995--Argosy Mining Corp. is pleased to announce that, subject to regulatory approval, it has arranged a private placement of up to 3,000,000 special warrants at a price of $0.50 each for gross proceeds of up to $1,500,000. Each special warrant will entitle en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: the subscriber to receive one Argosy common share and one share purchase warrant at no additional cost on the fifth business day following the date a receipt is issued by the Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). for a Statement of Material Facts qualifying the distribution of the units created by exercise of the special warrants. Two such warrants will entitle the holder to purchase one common share at $0.50 for one year. A commission of 6 percent is payable on part of the transaction. Proceeds of the placement will be used to fund the Company's exploration and development programs in Slovakia and for general working capital. In Slovakia, funds will be used to complete a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. on the Kremnica gold/silver deposit and to explore the Pukanec gold/silver property by trenching and drilling. The Kremnica Mine is an advanced stage project with mining and metallurgical met·al·lur·gy n. 1. The science that deals with procedures used in extracting metals from their ores, purifying and alloying metals, and creating useful objects from metals. 2. studies completed by government agencies. Utilizing that database, Argosy will commission an international engineering firm to complete a final feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. . Proven and probable open pit reserves to a 120 metre depth are 8.33 million tonnes at an average grade of 1.6 grams gold equivalent (428,000 ounces gold equivalent). The waste to ore ratio is less than 1:1. There is excellent potential to significantly increase gold/silver reserves at depth, laterally and along strike. The 36 sq. km. Pukanec property, 40 kilometres to the southeast of the Kremnica Mine cover one of the largest unexplored systems of epithermal gold/silver mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. in Slovakia. Based on the extensive distribution of old surface workings and the geological similarity Similarity is some degree of symmetry in either analogy and resemblance between two or more concepts or objects. The notion of similarity rests either on exact or approximate repetitions of patterns in the compared items. to the Kremnica and Banska Stiavnica deposits to the north, a potential geological resource of 55 to 60 million tonnes is indicated at a potential grade of 2 to 2.4 grams/tonne gold plus equivalent silver. Pukanec's potential deposit size is 4 million ounces of contained gold. ON BEHALF OF THE BOARD JAMES W. PRIER pri·er also pry·er n. One who pries, especially a person who is unduly interested in the affairs of others. , Secretary The Vancouver Stock Exchange has neither approved nor disapproved the contents of this News Release. CONTACT: Argosy Mining Corp., Vancouver James W. Prier, 604/689-5529 or 800/851-7423 604/689-5079 (Fax) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion