Columbia Gold Mines - Financing done, drilling to start.VANCOUVER, British Columbia--(BUSINESS WIRE)--July 11, 1996-- COLUMBIA GOLD MINES (VSE See DOS/VSE. VSE - Virtual Storage Extended :COB) Columbia Gold Mines Ltd. reported today that a public offering of 3.0 million units has been fully subscribed Fully Subscribed A situation in which an underwriting firm has successfully sold to investors all of its available issues of a public offering of securities. When the issue is fully subscribed, the underwriter's risk of being undersubscribed (being unable to sell its allotment of . The units offering, priced at $1.05, was placed with Canaccord Capital Corporation acting as agent. Each unit consisted of one common share and one Series "B" Share Purchase Warrant. Two Share Purchase Warrants will entitle the holder to purchase one additional common share of the Company priced at $1.05 over the next 12 months. The Series "B" Warrants are now trading through the facilities of 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). . Net proceeds from the offering, estimated to be $2,929,500, will be directed to the Company's Fyre Lake Project in southeast Yukon. Mobilization of a diamond drilling rig to the Fyre Lake property is in progress with commencement of drilling planned by July 13. Drilling will start on the Kona Zone, an area of volcanogenic vol·ca·no·gen·ic adj. Of volcanic origin. massive sulphide (VMS (1) (Virtual Memory System) A multiuser, multitasking, virtual memory operating system for the VAX series from Digital. VMS applications run on any VAX from the MicroVAX to the largest unit. See OpenVMS. ) 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. initially identified in the early 1960's. A small 100m x 500m section of this zone was tested during that era utilizing small diameter core "packsack" drills, and resulted in the first discovery of significant VMS mineralization in the Finlayson Lake District. This particular mineral occurrence, never fully diamond drilled, will now see renewed exploration with attention redirected to the area following the discovery of the nearly Cominco Kutz de Kayah deposit and the Westmin-Atna Wolverine wolverine or glutton, largest member of the weasel family, Gulo gulo, found in the northern parts of North America and Eurasia, usually in high mountains near the timberline or in tundra. deposit. Columbia Gold Mines plans a 10,000 metre, two rig diamond drill program, along a 13km long horizon which includes the original Kona Zone discovery, and significant additional targets indicated by coincidental geophysical and geochemical anomalies as well as surface float assaying in the range of 1 percent Cu, 1 percent Zn and 5.5 g/t Au. -0- Columbia Gold Mines Ltd. Symbol COB (VSE senior board) Shares Outstanding 12.9 million Fully Diluted 19.1 million Trading Range (June - July) CDN$0.90 - $1.25 -0- NOTE TO EDITORS: The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release. CONTACT: Columbia Gold Mines Ltd., Vancouver Brent Bagshaw, 604/687-4951; 604/687-4991 (Fax) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion