Texas T. Minerals Joins Mirabel on Denain Project.MONTREAL -- Mirabel Resources Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:RMB RMB Right Mouse Button RMB Regional Management Board (USACE) RMB Rolf Maier Bode (musician, band) RMB Ren Min Bi (currency of People's Republic of China) ) ("Mirabel") and Texas T Minerals Inc. (TSX VENTURE:TTM TTM Trailing 12 months. Often used with Earnings Per Share. ) ("TTM") are pleased to announce that they have entered into an agreement whereby TTM may acquire a 15% interest in the Denain property by expending a total of 300 000$ prior to July 31st 2005. The Denain property is comprised of two contiguous mineral properties (Venpar and Vauquelin), totaling 24 mining claims for a total of 378 ha., and is located in Denain township, approximately 60 Km east of Val-d'Or, Quebec Val-d'Or is a city in Quebec, Canada with a population of 32,288 (2006). It is located in the Abitibi-Témiscamingue region near the Vérendrye provincial nature reserve. Gold was discovered in the area in 1923. The name of the town is French for "Valley of Gold. .The property is readily accessible from an all-weather road and is located near the past-producing Chimo gold mine where there is an idle 1500 tpd mill. The property covers several gold and copper showings in felsic fel·sic adj. Containing a group of light-colored silicate minerals that occur in igneous rocks. [fel(dspar) + s(ilica) + -ic. volcanic stratigraphy stratigraphy, branch of geology specifically concerned with the arrangement of layered rocks (see stratification). Stratigraphy is based on the law of superposition, which states that in a normal sequence of rock layers the youngest is on top and the oldest on the that are favorable for the occurrence of structurally-controlled gold-copper deposits. Mirabel originally purchased a 100% interest in the property from a local prospector in July 2003. Since that time Mirabel has undertaken 5 work programs, including 2 diamond drill programs and 3 different bulk sampling programs with thermal fragmentation for total prior expenditures of approximately 1 200 000$ on the property.Results from prior activities have been positive, warranting Mirabel to engage in more advanced stage exploration activities, including the application for a Mining Lease on two of the claims comprising the Denain property.TTM's interest will also be subject to a net smelter return royalty of 1.5% on the Venpar Claims (19 claims) and a 2% NSR NSR abbr. normal sinus rhythm NSR Normal sinus rhythm, see there on the Vauquelin claims (5 claims).Upon successfully acquiring the initial 15% interest, under the terms of the agreement, TTM has the right to earn an additional 10% interest in the property by investing an additional 200 000$ prior to December 31st 2005. Concurrent with the closing of the agreement, a diamond drill program has commenced on the property to verify the extension, at depth, of the main vein. Proceeds for TTM's participation in this exploration program will be expended ex·pend tr.v. ex·pend·ed, ex·pend·ing, ex·pends 1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend. 2. from funds on-hand resulting from a flow-through financing completed in December 2004. Mirabel also advises that it has signed a letter agreement with Union Securities Ltd. to raise up to 1 000 000$ through a convertible debenture Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. and, up to 300 000$ in flow-through financing. Proceeds from this financing will be used for the acquisition of the Russian Kid Gold Mine (Mirabel press release, April 6th 2005) and to initiate the development work. The debenture will offer a 10% annual interest rate for a 24 month period and will be convertible at 0.35$ per share for the first 12 months and 0.45$ per share for the remaining 12 months. As of the 13th month in the 24 month term, Mirabel has the right to convert the note at 0.45$ per share, provided that the bid price of the company's shares has remained above or equal to 0.55$ for a period of twenty consecutive days prior to the conversation date. The agent will retain a 9% commission on the total amount raised and broker warrants equivalent to 10% of the total number of shares issued.The broker warrants are valid for a 24 month period. The above-noted financing is conditional upon the approval of regulatory authorities. About Texas T Minerals Inc. Texas T Minerals is a junior exploration company listed 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 Company has recently completed a corporate restructure to eliminate debt, divest inactive assets Inactive asset Asset not used in a productive manner at all times. and to stream line its operations in order to focus on exploration and development in the mineral sector.The Company has recently concluded two property acquisitions with exploration pending in Northern Quebec, as well as sufficient financing to carry out these activities. About Mirabel Resources Inc. Mirabel Resources is a junior exploration company listed on the TSX Ventures exchange and trades under the symbol RMB. The company's primary goal is to explore and develop gold projects using its exclusive thermal fragmentation technology. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. MIRABEL RESOURCES INC. (TSX VENTURE:RMB) Texas T Minerals Inc. (TSX VENTURE:TTM) |
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