If Gold is in Bull Market, Maybe Standard can swing 100% of Zopilote in Honduras, this is how its done.
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Geomaque Explorations Ltd. is pleased to announce the successful completion
of a rights offering on October 12, 1999. The rights offering was 100% oversubscribed, and
7.6 million units were placed at a price of $0.60 per unit for gross proceeds of $4.6 million,
exclusive of any proceeds from the exercise of Warrants.
Each unit was comprised of one Common Share and one-half Common Share Purchase
Warrant. Each whole Warrant entitles the holder to acquire one Common Share at a price of
$0.90 at any time prior to 5:00 p.m. Toronto time on April 14, 2001. Warrants are expected to
commence trading on The Toronto Stock Exchange shortly. Canaccord Capital Corporation
acted as soliciting dealer in connection with the offering.
The net proceeds will be used primarily to finance construction of the Vueltas del Rio Mine,
currently in development in Honduras. Construction of the phase-one leach pad, process
ponds, access road and other earthworks is complete, and gold production is scheduled to
begin at Vueltas del Rio in the first quarter of 2000. The Mine is expected to produce
approximately 40,000 ounces of gold in 2000. Based on current reserves, life-of-mine gold
production is projected to average 60,000 ounces per year at a cash cost of US$169 per
ounce.
They are very close to Standards deposit, but Standard could make many dollars on going it alone.
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Sure can't wait to find out what is there. sounds like it could interesting.!!!
CALPULES SOIL ANOMOLY - Reconnaissance soil sampling has identified a
continuous gold anomaly (greater than 100ppb Au) along the east-west Calpules
topographic lineament. The anomaly is 3,000 metres in length, up to 500 metres
in width, and remains o pento the east along the trace of the lineament. Soil
values are commonly 200 to 700+ ppb Au with a high value to date of 1.62 gpt Au.
Local soils are thin (15 to 25 cm) and rest directly on shattered
quartz-feldspar-muscovite gneiss of the Cacaguapa Schist (Paleozoic basement).
The conspicuous Calpules lineament projects across the main access road on the
property where 105 metres of anomalous bedrock (0.3 gpt Au) are exposed. The
Calpules lineament represents a large new target and appears ext remely
prospective where it locally intersects the NE-trending Limones lineament.
happy buying in gold bull. |
