Eric: for your comment..From Canaccord today>
Entourage Metals (EMT : TSXV : $0.75) - Everybody wants to hang with Vinny Chase and the boys...including Kinross
Everybody wants to hang with Vinny Chase and the boys...including Kinross. Entourage Metals, which just went public earlier this year and has active mineral projects in the Hemlo Greenstone Belt in Ontario, announced this week that it has agreed to complete a non-brokered private placement with Kinross (K) for 1,550,000 common shares at a price of $0.65 per share for proceeds of $1,007,500. After the deal is complete, Kinross will own approximately 6.9% of Entourage's issued and outstanding shares. The management team at Entourage are the same guys that sold Underworld Resources to Kinross in 2010. The Northern Miner highlighted Entourage this week, stating that although Barrick's (ABX) famed Hemlo deposit was discovered in 1981 and has already produced more than 20 million gold oz, Entourage says it is the only substantial gold deposit found to date in the belt. This greenstone belt is similar to other prolific greenstone belts in Canada, Australia and Africa that host multiple gold deposits across a large area. So, there might just be another major gold deposit that is waiting to be found in the Hemlo belt. Entourage has signed an agreement with Barrick to explore a set of properties nearly adjacent to and along strike of the Hemlo mines. Furthermore, Entourage has even lured Barrick's former senior geologist at Hemlo, John Florek, into become vice-president of exploration and a director of the company, The Northern Miner highlighted. Entourage describes Florek as having been extremely instrumental in developing and extending the mine life at Hemlo, and a key part of the team that received the 2008 Developer of the Year Award from the Northwestern Ontario Prospectors Association. |
