Tintina Mines Limited Announces Completion of Private Placement of $1.5 Million.TORONTO -- Tintina Mines Limited (TSX VENTURE:TTS) announced today the completion of a private placement of $1,500,000 by Mr. Juan Rassmuss, President, Chief Executive Officer and a Director of the Company, which was comprised of a cash payment of $1,305,000 and the balance representing the conversion of $195,000 of outstanding indebtedness owing to Mr. Rassmuss and South American Minerals, an associate of Mr. Rassmuss. The common shares issued pursuant to the private placement will be subject to a hold period expiring November 3, 2004. Use of proceeds from the private placement will be for the investigation and exploration of mining opportunities, including the claims at Red Mountain, in the Whitehorse Whitehorse, city (1991 pop. 17,925), S Yukon, Canada, on the Yukon River. Since 1952 it has been the territorial capital. Whitehorse is on the Alaska Highway and was the terminus of the White Pass and Yukon Railway from Skagway, Alaska, which suspended service in 1982. The city is the center of a copper-mining, hunting, and fur-trapping region that attracts growing numbers of tourists. Mining District, Yukon Territory. This Press Release is issued in accordance with the requirements of Policy 4.1 of the TSX Venture Exchange regarding Private Placements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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