Thundermin Resources Inc. - Press Release
TORONTO, ONTARIO--Thundermin Resources Inc. ("Thundermin") reports
that the previously announced $1,000,000 private placement with
Aur Resources Inc. ("Aur") has been completed with Aur subscribing
for 5,000,000 flow-through common shares for $850,000 and 882,353
ordinary common shares for $150,000, all at a price of $0.17 per
share. The foregoing private placement was approved by
shareholders on October 27, 1998 as part of the merger of
Thunderwood Resources Inc. and Joutel Resources Limited to form
Thundermin. In addition, Thundermin announces that Queenston
Mining Inc. ("Queenston") has also subscribed for 882,353 ordinary
common shares for $150,000, also at a price of $0.17 per share.
Thundermin currently has 28,746,542 shares outstanding of which
22.3 percent are held by Aur and 3.1 percent are held by
Queenston.
Aur's subscription for flow-through shares provides Thundermin
with funds to conduct further exploration work on Aur's large
portfolio of base metal-gold properties located in Manitoba and
Saskatchewan in which Thundermin is currently earning a 30 percent
interest. The 1999 exploration program on certain of these
properties is scheduled to start around mid-February and further
announcements will be made when this work commences. In addition,
Aur's and Queenston's subscription for ordinary common shares
provides Thundermin with $300,000 to be used for corporate working
capital purposes.
Details on Thundermin's exploration plans for the recently
acquired Duck Pond base metal project in the Buchans area of
Newfoundland and the status of Thundermin's gold and base metal
projects in Cuba will be released in early February 1999.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Thundermin Resources Inc.
Mr. John B. Heslop
President of Thundermin
(416) 362-8730
or
Thundermin Resources Inc.
Hugh D. Harbinson
Managing Director of Thundermin
(416) 364-0001 |
