CHECK THIS OUT ..."estimated true width of 13.6 metres of 1.68 g/t combined precious metals (palladium, platinum, and gold) at a
depth of 30.5 metres" ... HLM (Alberta), trading less than .20 with less than 10 million shares outstanding:
FOR FURTHER INFORMATION PLEASE CONTACT:
Houston Lake Mining Inc.
E. Grayme Anthony
(705) 897-7622
(705) 897-7618 (FAX)
houston@vianet.on.ca
or
Blackwell Investor Relations
(416) 869-0632 or (416) 364-3123
(416) 364-5400 (FAX)
The Alberta Stock Exchange has neither approved nor disapproved
the information contained herein
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: HOUSTON LAKE MINING INC.
ASE SYMBOL: HLM
NOVEMBER 17, 1998
Private Placement Financing
CALGARY, ALBERTA--Houston Lake Mining Inc. ("Houston Lake") is
pleased to announce that the company is raising funds on a best
efforts basis through a non-brokered private placement to take
place in Ontario and Alberta only. The company will offer a
minimum of 375,000 units up to a maximum of 750,000 units at a
price of $0.40 per unit for maximum gross proceeds of $300,000.
Each unit will consist of one flow through common share and one
common share with a one half purchase warrant attached to the
non-flow through common share. Each full warrant is exercisable
at a price of $0.30 for a period of one year. The private
placement has a hold period of one year and is subject to a 7
percent finder's fee.
Proceeds will be used for working capital purposes to advance
exploration to include drilling on the Tib Lake Palladium Property
and to evaluate previous sampling from the Puddy Lake Platinum
Group Metals (PGM) Property. Both properties are located in
northwestern Ontario. Houston Lake has the opportunity to earn a
100 percent interest in each of the properties from Obongo
Precious Metals, a private company based in Thunder Bay, Ontario.
Exploration efforts will be focused in the vicinity of the Kuhner
Occurrence on the Tib Lake Property where a 1995 drill hole
encountered an estimated true width of 13.6 metres of 1.68 g/t
combined precious metals (palladium, platinum, and gold) at a
depth of 30.5 metres as reported in the Press Release of Aug. 10,
1998. Funds will also be spent on assaying drill core from a 1995
program and trench samples from an evaluation undertaken this fall
on the Puddy Lake Property. Exploration programs will be managed
by independent consulting geologist, Andreas Lichtblau, F.G.A.C.
The private placement is subject to approval of the Alberta Stock
Exchange. The common shares of Houston Lake Mining Inc. trade
through the facilities of the Alberta Stock Exchange under the
symbol HLM. Houston Lake has 9,946,600 common shares issued and
outstanding.
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DRT |
