DSM Completes Financing; First Portion of $4 million completed; Phase II Program Begins.Business Editors TORONTO--(BUSINESS WIRE)--Feb. 19, 2003 DESERT SUN MINING CORP. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension .V:DSM 1. DSM - Data Structure Manager. An object-oriented language by J.E. Rumbaugh and M.E. Loomis of GE, similar to C++. It is used in implementation of CAD/CAE software. DSM is written in DSM and C and produces C as output. ) has completed the first portion of its previously announced financing for up to $5 million. The financing is closing in two portions, with the first C$4 million closed and the remaining C$1 million expected to be completed in the next few days. The funds will be used to initiate Phase II of the exploration program at the Bahia Gold Belt in Brazil, complete the previously announced pre-feasibility study led by SNC SNC St Norbert College (De Pere, Wisconsin) SNC Sistema Nervioso Central SNC Société en Nom Collectif (French: Partnership) SNC Système Nerveux Central (French: central nervous system) Lavalin, and for general working capital. The private placement consists of one common share at C$1.00 with one half share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of the Corporation at a price of C$1.25 per share at any time over the next eighteen months. All shares and warrants are subject to a 4 month hold period. DSM recently completed Phase I of the drilling program consisting of 12 diamond drill holes totaling 2550 m. The Phase I drilling was intended to determine the potential for open pit targets in and around the plant area and the two existing mines. The recently announced results indicate that there is a potential zone of low grade large tonnage TONNAGE, mar. law. The capacity of a ship or vessel. 2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. open pit material. Additional results will be forthcoming as further drill results are received. This information will be used in Phase II to complete additional drilling and identify additional resources for the pre- 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. . The Phase II drilling will also explore the extent and scope of the 100 km plus Bahia Gold Belt and identify additional targets. DSM can earn a 51% ownership in Jacobina Mineracao E Comercio SA (JMC JMC Joint Military Commission JMC Jefferson Medical College JMC Jax Money Crew (computer gaming) JMC Joint Munitions Command (US Army; Rock Island Arsenal, Rock Island IL) JMC James Madison College ) by spending up to US$2,000,000 in exploration on the property prior to December 31, 2004. DSM has a further option to acquire the remaining 49% of the property for C$5 million in cash or stock, 90 days after earning its initial 51% interest. The Corporation has assembled a quality team of mining professionals with strong international experience in geology, mining and finance. The Company's focus is centered on the Bahia Gold Belt, which contains the Jacobina Mine, in the State of Bahia, Brazil. As one of the largest gold resources in the country, the Jacobina Mine is well-positioned as both an exploration and a development project. The Jacobina Mine's mineral resources Noun 1. mineral resources - natural resources in the form of minerals natural resource, natural resources - resources (actual and potential) supplied by nature , estimated by JMC and reviewed by Micon International in 1998, reported by category were: Category Tonnes Grade (g Au/t) Contained Measured (M) 2,753,000 2.68 37,400 Indicated (I) 12,271,000 2.91 1,146,500 Total M & I 15,024,000 2.87 1,383,900 Total Inferred 22,947,000 3.10 2,285,886 More than US$100 million has been invested in the mine to date. The reported resources are located on about 5% of the 100 km long property in the geologically world-famous quartz pebble conglomerate conglomerate, in business conglomerate, corporation whose asset growth, often very rapid, comes largely through the acquisition of, or merger with, other firms whose products are largely unrelated to each other or to that of the parent company. beds of the Serra do Corrego Formation. Desert Sun Mining is a Canadian gold exploration and development company listed on the Toronto Venture Exchange. (www.desertsunmining.com). 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 this release. |
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