Crosshair Commences Drilling at Wings-Point Titan; Completes First Closing with Dundee Securities Corporation.Business Editors VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia--(BUSINESS WIRE)--May 25, 2004 CROSSHAIR “Reticle” redirects here. For the pattern used in photolithography, see photomask. A crosshair or reticle is a shape superimposed on an image that is used for precise alignment of a device. EXPLORATION & MINING CORP. (the "Company") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:CXX Adj. 1. cxx - being ten more than one hundred ten 120, one hundred twenty cardinal - being or denoting a numerical quantity but not order; "cardinal numbers" ) - is pleased to announce it has commenced drilling on its Wings Point-Titan project. The 10 hole Phase 1 drilling program will test previously released trench trench: see ocean. results including 15.25 g/t Au over 3.00 meters and 9.41 g/t Au over 4.25 meters. Eight holes will test exposed high grade 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. exposed to vertical depths of 25 and 50 meters directly beneath the trenches, with step-outs of up to 50 meters along strike. Due to the presence of coarse gold at Wings Point-Titan, HQ core will be drilled and all assays will be carried out using a metallic screen separation and fire assay technique to ensure that coarse gold will report to the final results. The drill program is expected to last about 2 weeks. The Company is also please to announce it has completed a first closing for a brokered private placement of 3,340,000 Flow Through Common Shares (the "FT Shares") at a price of $0.25 per FT Share for aggregate gross proceeds of $835,000. Pursuant to an agency agreement dated May 18, 2004, Dundee Securities Corporation ("Dundee") acted as the agent on a best efforts basis. Dundee received a cash commission of 8% of the aggregate gross proceeds of the private placement equal to $66,800. In addition, the Company issued to Dundee compensation warrants exercisable for 267,200 non-flow through shares of the Company. The compensation warrants will be exercisable at a price of $0.25 per common share for a period of 12 months after the closing date. All securities issued under the private placement will be subject to a four month hold period from the closing date, ending September 19, 2004. A second closing for additional proceeds is expected to take place within the next 10 days. Proceeds from the financing have been allocated to the Company's Newfoundland Newfoundland, breed of dog Newfoundland, breed of massive, powerful working dog developed in Newfoundland, probably in the 17th cent., and later perfected in England. It stands from 25 to 28 in. (63.5–71. exploration properties. The Company has a full $900,000 exploration program planned for 2004 and early 2005, with approximately $500,000 earmarked for drilling on the Wings Point-Titan, Golden Promise and Glenwood Break properties. ON BEHALF OF THE BOARD Mark J. Morabito, President 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. has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release. |
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