Buffalo Finalizes Plan of Reactivation.VANCOUVER, British Columbia -- Further to its news release of April 18, 2005, Buffalo Gold Ltd. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:BUF (BUFfer gate) A logic gate that generates the same output as the input. It is used as a relay to increase power, to add some delay in the circuit and to isolate signals. See logic gate.  .U) is pleased to report that it has completed its plan of reactivation reactivationto become active after a period of quiescence or, as in bacterial and viral infections, latency. cross reactivation , resulting in the relisting of Buffalo's shares on the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. . The plan of reactivation involved three components: the acquisition of the Red Property in north-central British Columbia, a non-brokered private placement of 3,100,000 shares at a price of USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. $0.15 per share equity financing to generate proceeds of USD$465,000 and the settlement of indebtedness totalling USD$320,940 by the issuance of shares of Buffalo. All certificates issued are subject to a four-month hold period expiring December 3, 2005. The Red Property is a large, under-explored copper-gold porphyry prospect located forty kilometres south of Northgate's Kemess Mine within the northwest trending Quesnel terrane ter·rane also ter·rain n. 1. A series of related rock formations. 2. An area having a preponderance of a particular rock or rock groups. [Alteration of terrain.] of the Intermontane Belt of northern B.C. This terrane is intruded by a number of Mesozoic intrusions and related copper-gold-molybdenum deposits such as Kemess, Copper Mountain, Mount Polley, Lorraine, Mt. Milligan, Gibraltar and Highland Valley. The Kemess Mine is Northgate's principal asset. In 2004, Northgate produced 300,000 ounces of gold and 78 million pounds of copper at a cash cost of USD$135/oz. To date, limited drilling on the Red Property has intersected significant widths of porphyry copper-gold 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. with grades that compare well with those at the Kemess deposits (please refer to Buffalo's news release of April 18, 2005). The structural corridor that hosts this mineralization and its associated geophysical and geochemical anomalies remains to be fully tested. Buffalo plans to undertake a program of diamond drilling as soon as possible to further test its highest priority targets within this structural corridor. Buffalo is also pleased to report that it has, subject to regulatory approval, arranged a further non-brokered private placement of 1,000,000 shares at a price of USD$0.15 per share. On behalf of the Board of Directors of BUFFALO GOLD LTD. Douglas Turnbull, Director No stock exchange has approved or disapproved the information contained herein. Buffalo Gold Ltd. (TSX VENTURE:BUF.U) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion