Drilling starts at Mustang property
Columbia Yukon Resources Ltd CYR
Shares issued 20,286,888 Mar 27 close $0.25
Fri 27 Mar 98 News Release
Mr Douglas Mason reports
Drilling has started on the Mustang property (270,000 acres) in the Buffalo
Head Craton, Alberta. Nine resolved targets will be drilled over the next
several weeks. Core analysis, if warranted, will take between six to eight
weeks to complete.
Further, the company is planning a phase I exploration program for the
recently acquired Gadsby property (710,000 acres - 100% interest) calling
for a magnetic survey and geophysical target resolution, provisionally
scheduled for the summer/fall exploration season.
The company has retained Global Securities to act as its best efforts agent
in regard to a public offering by prospectus in Alberta and BC of up to
2,000,000 units at $0.45. Each unit will consist of one flow-through share,
one non-flow-through share and one warrant. Each warrant will be
exercisable for 90 days from issuance into one further non-flow-through
share upon payment of $0.25.
Global will be paid a commission of 1% of gross proceeds. The proceeds from
the offering are intended to be used primarily for diamond exploration on
the company's Alberta properties. Proceeds may also be used for exploration
on the company's other properties in Alaska and for general working
capital.
The prospectus is also intended to qualify 1,930,000 special warrants
previously issued in August 1997 and March 1998, as well as 500,000 shares
to be issued under various property agreements.
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