Hello VP
***OFF THE WIRE***
Twin Mining reports Third Quarter Results
Continuing positive diamond exploration results and successful
flow-through financing.
TORONTO, Nov. 20 /CNW/ - Twin Mining Corporation ("Twin Mining")
(TWG:TSX) is pleased to announce that diamond results and the reactivation of
the Atlanta Gold Project combined to produce oversubscribed flow-through
financing. Cash and short term deposits of $2.1 million permit Twin Mining to
carry on its aggressive exploration program on the 100% owned and operated
Jackson Inlet diamond property and to reactivate the 82% owned and operated
Atlanta Gold Project.
Diamond extraction and analysis from core, recovered during the 2001
Jackson Inlet drilling campaign, produced very encouraging results. The
drilling was concurrently carried out with the mini-bulk sample excavation on
the Freightrain pipe. There are two main conclusions:
- The Freightrain drill hole and mini-bulk sample results are consistent
with one another and support the encouraging previously modeled grade
of 0.40 ct / tonne obtained from the mini-bulk samples.
- Diamond results indicate continuity and reproducibility of diamond
grade to the, so far, deepest sampled kimberlite intersections at
206 meters (676 feet) vertical depth for Freightrain and at 150 meters
(492 feet) vertical depth for Cargo1.
Twin Mining will be announcing the results from the TORNGAT North
kimberlite sample processing as soon as they are available.
During the quarter, the Company worked on the reactivation of the Atlanta
Gold Project which is contemplated to be a 3.1 tonne (100,000 ounces) per year
open pit heap leach operation with estimated cash costs of U.S.$160 per ounce.
On July 15, 2002, Twin Mining retained Kingsdale Capital Partners Inc.
and Kingsdale Capital Markets Inc. as its agents to offer, by way of private
placement, up to 4,000,000 flow-through units and 4,000,000 common share units
at $0.50 per unit each. As a result of subscriber demand the flow-through
offering was increased from $2,000,000 (4,000,000 units) to $3,000,000
(6,000,000 units) and the offering period was extended. Each flow-through unit
consists of one common share and one half share purchase warrant. Each common
share unit consists of one common share and one common share purchase warrant.
Each whole warrant entitles the holder to purchase one common share at a price
of $1.00 for two years.
Twin Mining announced that it has already completed the sale of 5,410,000
flow-through units for gross proceeds of $2,705,000. The proceeds will be
utilized primarily to advance exploration of the Jackson Inlet diamond
property and the feasibility study on the Atlanta Gold Project.
Twin Mining, in addition to exploring the Jackson Inlet diamond project
on Baffin Island and the TORNGAT diamond project on the east side of Ungava
Bay in northern Québec, also holds a gold mining project in Idaho, United
States of America.
Well, this is what I would call a none announcement. Nothing but a rehash of previous info and not one mention of 2002 JI drill results. Management announced earlier this year that TWG would be doing surveys and drilling of other JI targets in 2002 and I see nothing here to confirm that work was done or that news is pending.
I am gaining the distinct impression that we have been mislead.
Regards
Vaughn |
