Cusac Gold Mines Ltd. - $1.2 million private placement closed
MONDAY, JANUARY 12, 2004 4:33 PM
- PR Newswire
CUSIF
0.30 -0.02
Enter Symbol:
Enter Keyword:
VANCOUVER, Jan 12, 2004 /PRNewswire-FirstCall via Comtex/ -- Guilford H. Brett, President, Cusac Gold Mines Ltd. (CA:CQC) (CUSIF) , reports that the Company has closed the previously announce private placements brokered by Canaccord Capital for total proceeds of $1.2 million consisting of 430,000 ($150,000) non-flow-through units and 3,000,000 ($1,050,000) flow-through units.
The flow-through funds will be used to continue exploration of the Company's 100% owned and operated Table Mountain Gold Mine in northern British Columbia. The goal of the exploration program will be to add to the Company's current inventory of high-grade gold reserves in an area of historically productive gold zones.
The Table Mountain Property hosts a 15km long hydrothermal system centered along the Erickson Creek Fault Zone. This fault zone is known to host several high grade gold bearing vein systems that are spaced 400 -600m apart. Well over one quarter million ounces of gold has been produced from this Fault Zone with only 30% of its 15km strike length having been explored to date.
A drill hole late in the drilling season in 2002 intersected a mineralized quartz vein that company geologists believe to be the eastern continuation of the historically productive Bain Vein. The intersection, referred to as the Far East Bain Vein is 400m east along strike from the known East Bain Vein, where, as previously announced, economic reserves have been outlined. Diamond drilling, expected to commence in May 2004 will follow up on the Far East Bain Vein intersection with the anticipation of delineating a new ore panel in the Bain Vein System.
Company geologists were able to target this vein extension using information gained through an on-going detailed compilation of decades of exploration data on the Table Mountain Property. As a result, a comprehensive advanced geological model is developing enabling geologists to pin point higher potential zones of mineralization for future exploration. The Company looks forward to leveraging its enhanced knowledge and expertise of gold deposits at Table Mountain to build its gold inventory in a highly efficient manner.
CUSAC GOLD MINES LTD.
PER:
"Guilford Brett"
Guilford H. Brett
President & Director
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE Cusac Gold Mines Ltd.
USA: 800-665-5101, Canada: 800-670-6570, Visit our website at:
www.cusac.com |
