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Gold/Mining/Energy : Flag Resources (FGR.A A)
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To: ali who wrote (4092)1/22/2004 7:07:40 PM
From: ali  Read Replies (1) of 4269
 
Flag Resources (1985) Ltd. Announces Closing of Private Placement
CALGARY, Jan. 22 /CNW/ - Flag Resources (1985) Ltd. ("Flag") announced
today the closing of a private placement with an institutional investor.
Pursuant to the private placement, Flag will issue a total of 700,000 common
shares at a price of $0.13 per share, along with warrants to purchase an
additional 700,000 common shares at $0.15, exercisable for a period of two
years. The private placement is subject to the usual post-closing regulatory
requirements.
Flag will use the funds to explore for the source of Sudbury-type
nickel-copper sulfides and gold, in accordance with its 5 Jan 2004 news
release. The focus of drilling will be Cobalt Hill where fluid and
mineralogical studies suggest potential for Sudbury-type mineralization.
Additionally, the company plans to drill a previously unexplored
mineralized gabbroic structure to assess its potential as a host for Ni-Cu-PGE
type mineralization. This is in the Exploratory Licence of Occupation which
lies some six miles to the West, across Lake Wanapitei.
Further exploratory work is being considered for Flag's mineral prospects
at Laundry Lake, Mackelcan Township and at Matagamisi, Boland's and Rathbun
Lakes in Rathbun Township.
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