At least no cheap warrant attached but not fond of flow thru shares....
Terrane Metals arranges $5.5-million financing
2008-07-15 12:57 ET - News Release
Mr. Robert Pease reports
TERRANE ANNOUNCES BERG FLOW-THROUGH PRIVATE PLACEMENT
Terrane Metals Corp. has arranged, subject to regulatory approval, a non-brokered private placement of up to 10 million flow-through shares at a price of 55 cents per share for gross proceeds of $5.5-million. In connection with the private placement, Terrane will pay a finder's fee of 3.5 per cent of the gross proceeds raised in this offering to Anthem Capital Group Inc.
Proceeds from the private placement will be used for further exploration of the Berg copper-molybdenum-silver project in British Columbia, Canada, where a recently completed NI 43-101-compliant mineral resource estimate (see Stockwatch news dated April 30, 2008) outlined an indicated resource of 2.5 billion pounds copper, 299 million pounds molybdenum and 25.4 million ounces silver and an inferred resource of 0.8 billion pounds copper, 122 million pounds molybdenum and 9.7 million ounces silver (see Table I for details on copper and molybdenum resources).
BERG MINERAL RESOURCE ESTIMATES(1)
GRADE -- TONNAGE DISTRIBUTION
INDICATED INFERRED
CuEQ Cu Mo Cu Mo
Cutoff Tonnes Cu Mo lbs lbs Tonnes Cu Mo lbs lbs
(%)(2) (millions) (%) (%) (millions) (millions) (millions) (%) (%) (millions) (millions)
0.20 459.7 0.28 0.032 2,866 324 213.5 0.22 0.030 1,048 141
0.30 372.5 0.31 0.036 2,524 299 140.9 0.25 0.039 771 122
0.40 288.2 0.33 0.042 2,083 264 98.6 0.26 0.047 567 103
0.50 205.7 0.35 0.047 1,574 215 66.2 0.27 0.056 386 82
Note:
(1) Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
(2) Copper Equivalent grades (CuEQ %) are calculated using four-year rolling average metal prices of
$2.43 (U.S.) per pound copper, $27.43 (U.S.) per pound molybdenum, $10.23 (U.S.) per ounce silver and
take into account forecast metallurgical recoveries into separate copper and molybdenum concentrates.
The Berg 2008 exploration program will include a minimum 10,000-metre core drilling program designed to expand the existing resource and to investigate higher-grade molybdenum and silver zones within the deposit.
Tom Stubens, senior geologist, Wardrop Engineering Inc., who is a qualified person as defined by National Instrument 43-101, has reviewed and approved of the contents of this news release.
We seek Safe Harbor.
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