SML Stealth Minerals Limited
Arranges a Private Placement for Proceeds of $1,000,000
6/28/02
STEALTH MINERALS LIMITED ("SML-V") - Arranges a Private Placement for Proceeds of $1,000,000
Stealth Minerals Limited (the "Company") wishes to announce that it has arranged a Private Placement for proceeds of $1,000,000. The Private Placement will consist of 4,000,000 flow-through common shares of the Company at a price of $0.25 per share. The proceeds from the placement will be used to finance the 2002 exploration program on Stealth Mineral's Toodoggone Project in British Columbia, which adjoins Northgate's producing gold-copper Kemess deposit to the north. Finder's fees will be paid on a portion of this issuance and the shares are subject to a 12-month hold period.
The Corporation is preparing to mobilize equipment and supplies to its winterized camp, which is approximately 18 km north of the Kemess mine site. The exploration program will commence in the second week of July. The Company is in full compliance with all permitting and regulatory matters.
The Company has an option to acquire a 100% interest in the Toodoggone Project, which consists of 85 square miles of highly prospective geology. Over the past four months management has reviewed all of the exploration carried out on this large claim block from the late 1960s to present. This compilation resulted in identifying several deposit-scale targets in three different geological settings, porphyry, skarn and epithermal. A total of 25 mineralized zones or anomalies exist to date.
The Toodoggone Project has potential for bulk tonnage gold-copper deposits (8 prospects), high-grade epithermal gold-silver deposits (14 prospects) and copper-gold-silver skarn deposits (3 prospects). Four of these prospects have gold-copper or gold-silver mineralization in drill holes.
The Company's plan for 2002 is to systematically explore and develop the high-grade potential of several targets that exist in the epithermal and skarn environments that have known mineralization. TEL: (416) 510-8397 Mr. Bradley L. Jones, c.a. President FAX: (416) 510-8561 Stealth Minerals Limited Website: www.stealthminerals.com E-mail: blj2001@attcanada.ca |
