CBI 1999-01-18 (provided courtesy of ISDN Wire Service.)
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CHESBAR RESUMES DRILLING ON VENEZUELA PROPERTIES, RECEIVES ADDITIONAL FINANCING
TORONTO, ONTARIO--
Chesbar Resources Inc. announces that its first diamond drilling
program of 1999 is underway at the Company's properties in the
Anacoco area of Venezuela. This will be the first drilling ever
carried out on the Guaiquinima II and Anacoco II properties which
are 100% held by Chesbar and on which a number of promising zones
of gold mineralization have been outlined by surface geochemical
sampling.
With permits for drilling now in hand for the Guaiquinima II and
Anacoco II Concessions the drill road is being extended to line
6100 North on the Anacoco II Concession where a particularly
interesting target has been outlined by surface sampling. On the
way to this zone several holes will be drilled on targets on the
Guaiquinima II property and this will be followed by a number of
holes in the vicinity of line 6100 North. (For a Property Map
see News Release No. 98-07 dated December 2, 1999)
It should be noted that the area under investigation in this
program of late 1998 and 1999 drilling extends from line 2000
North to line 6200 North, a distance of well over 4 kilometres or
2.6 miles. Results of the drill program now underway will enable
the Company's geologists to determine the best targets on which
to concentrate further work with the objective of delineating
potentially minable resources in the shortest possible time.
Results of the drilling completed before Christmas are being
compiled and should be released shortly.
To help finance the work required, the Company has now accepted
several private placement subscriptions for total proceeds of
$950,000 subject to regulatory approval. The terms of the
private placements provided subscribers to purchase a total of
2,375,000 units priced at $0.40 per unit. Each unit is comprised
of one common share and one common share purchase warrant that
may be exercised at a price of $0.55 per share for a period of 18
months.
Chesbar Resources Inc. is a public company whose shares are
listed on the Montreal Exchange: Symbol "CBI"
for additional information, contact:
Chesbar Resources Inc. Tel: (416) 363-1124/Fax: (416) 360-0728
Website: www.chesbar.com E-mail: chesbar@istar.ca
365 Bay Street, 11th Floor, Toronto, Ontario, M5H 2V1
Telephone (416) 363-1124 Facsimile (416) 360-0728
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