News out
Twin Mining Corporation - 50 tonne sample excavated 8.8 million dollar financing
concluded
TORONTO, May 24 /CNW/ - Twin Mining Corporation ("Twin Mining") (TSE:TWG)
is pleased to announce that the excavation of a total of 50 tonnes of
kimberlite from five 10-tonne samples has been completed. The samples came
from the 22 km principle dyke set, one each from TORNGAT 1 and TORNGAT 2/3 and
one 5.5 km northeast of the Alluviaq Fjord on what is interpreted, from the
airborne geophysical survey, the strike extension of TORNGAT 2/3. Two other
samples were taken from the middle and southerly portions of the 4.2 km
Kakivuq zone. The sites were chosen where there was little snow cover and
represent a random sample of the principle dyke system. The width of the
sample excavations inside the dyke walls varied from 1.3 m to 2.7 m which is
proof of the large size of the dykes indicated in the geophysical survey
results.
The airlift of sample containers from the excavation sites to
Kangiqsualujjuaq (formerly George River) airport has now been completed. The
third sample has been flown by freight aircraft to LG2 where it was palletized
and shipped by truck to the SRC - Laboratory, for processing.
MPH-Consulting and MRDI ensure Quality Assurance and Quality Control from
the sample excavation site to processing in Saskatoon. Sample processing has
been progressing smoothly with results expected in the second half of June.
Twin Mining is preparing now for a major summer exploration program to
explore more than 46 dykes and 63 discreet anomalies which were identified
during the earlier geophysical survey on its 444 sq. km, 100% owned TORNGAT
property. Preparations are being made for the excavation of a large bulk
sample as well.
The financing of these activities has been completed with the successful
issue of 7,600,950 flow through common shares and 2,801,371 common shares for
aggregate gross proceeds of $8,841,973. Net proceeds of the offering amount to
$8,007,539.
Twin Mining, in addition to exploring the diamond prospect on the east
side of Ungava Bay in northern Qu‚bec, also holds a gold mining project
containing reserves of one million ounces of gold and 3.2 million ounces of
silver in Idaho, United States of America. |
