Tenke to raise $5.4-million privately
2003-02-11 13:42 PT - News Release
Mr. Paul Conibear reports
PRIVATE PLACEMENT
Tenke Mining has agreed to sell, on a private placement basis, up to four million common shares of the company at a price of $1.35 per share for gross proceeds of $5.4-million. Net proceeds of the private placement will be used to finance exploration on the company's gold and base metal projects in Argentina as well as for general working capital purposes. The private placement is subject to all requisite regulatory approvals.
The company has acquired a large, diversified portfolio of quality exploration properties in Argentina. The total land package encompasses over 958,000 hectares and covers key prospective gold and base metal regions in the country.
Argentina is rich in mineral resources with ample opportunity for the discovery of new world-class precious metal and base metal deposits. Tenke has dozens of targets and, to begin with, will focus on three of them over the next few months: Batidero, Rio Grande and Alto Rico. The company will advance other projects as exploration progresses. With the geographical diversity of its landholdings, exploration throughout the company's project areas will be year-round.
There are three main types of mineralization targeted:
high/low sulphidation bulk tonnage (Veladero-like) disseminated gold mineralization (Batidero project in the Cuyo region);
low sulphidation gold vein (Esquel/Vanguardia-like) systems (Alto Rico project in Patagonia); and
porphyry copper/gold (Rio Grande project in the Puna region) -- complex model exhibiting Candeleria-style hydrothermal alteration.
Sampling (rock and talus), mapping and trenching will be carried out, followed by geophysics over the next three months. Data from these programs will be used to define drill targets and form the basis of drilling programs at these projects. Drilling at the Batidero project is anticipated to commence by the end of March.
Shares Issued 35,663,328 |
