Barramundi Gold Ltd.: Newmont Completes Initial $500,000 Financing and Longline Drilling Program Begins.VANCOUVER, B.C.--(BUSINESS WIRE)--Sept. 20, 1999-- Mr. Ewan Stoddart, Chairman, reports that Barramundi barramundi see lates calcarifer. Gold Ltd.(Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :BAM Bam (bäm), town (1996 pop. 70,100), Kerman prov., SE Iran, on the intermittent Bam River. Located on the western edge of the Dasht-e Lut, Bam is a trade center in a henna-growing region. Dates and other fruits are also grown; camels are raised. .)("Barramundi") has received C$500,000 from a private placement of 1,666,667 units at 30 cents with Newmont Exploration of Canada Limited, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Newmont Mining Newmont Mining Corporation NYSE: NEM, based in Denver, Colorado, USA, is one of the world's largest producers of gold, with active mines in, Nevada, Indonesia, Australia/New Zealand, Ghana, and Peru. Some smaller operations include Bolivia, Mexico, and Canada. Corporation (NYSE NYSE See: New York Stock Exchange ;NEM) ("Newmont"). The placement, which is part of a financing agreement described in detail in a press release dated August 31, 1999, provides for an initial total investment of up to C$1,000,000 by Newmont . Barramundi's Longline long·line n. A heavy fishing line usually several miles long and having a series of baited hooks. long Project is central to Newmont's interest in Barramundi. The Longline Project is located in the Yukon's Tintina Gold Belt, approximately 300 km south east of the Pogo Deposit in Alaska. The project area has a significant placer gold production history in addition to exhibiting similar geological settings to many of the large-scale intrusive related discoveries in the Tintina Gold Belt. Proceeds of the Newmont financing will be used primarily to drill test a large-scale coincident geochemical and geophysical anomaly identified at Longline by Barramundi. This anomaly has only recently been geologically interpreted and has not been previously drill tested. In August, 1999 Barramundi completed a field program including detailed 'grid-based' geochemistry and IP (induced polarisation) techniques to define the extent of the anomaly. The current project team, comprising Newmont and Barramundi geologists, has used this information to target a first phase of the Newmont financed diamond drilling. Drilling commenced early last week and the program is planned to initially comprise up to 3,000 m of diamond drilling to be carried out in September and October, 1999. The necessary drill rigs and drilling supplies have already been mobilized to the site. Results of the diamond drilling will be reported as they become available to the Company. The Longline project is of special industry interest because of its location, intrusive related nature, gold production history and the potential to host the next significant discovery in the Tintina gold belt. The Alberta Stock Exchange has neither approved or disapproved the contents of this release. |
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