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Gold/Mining/Energy : A to Z Junior Mining Research Site -- Ignore unavailable to you. Want to Upgrade?

To: 4figureau who wrote (3448)	2/25/2003 3:18:20 PM
From: Pete	Read Replies (1) \| Respond to of 5423

Thx $figureau- Wolfden is in good company- Dundee are smart cookies- --------- Looks like First Au got funded- First Au and YWO also have a jv in Red Lake, so now Wolfden will have 6 drill programs going this season- ------------------------------ First Au Strategies Corp. TSX-V Symbol: FAV February 24, 2003 For Immediate Release NEWS RELEASE FIRST AU ANNOUNCES $1 MILLION PLUS FINANCING FIRST AU STRATEGIES CORP. (TSX-V: FAV, the "Company") is pleased to announce that it has arranged a private placement of up to 12,000,000 units at $0.10 per unit for gross proceeds of up to $1,200,000. The units will comprise both flow-through units and non flow-through units. Each flow-through unit will consist of one flow-through common share of the Company and one-half non-transferable Series G share purchase warrant ("Warrant"). Each non flow-through unit will consist of one non flow-through common share of the Company and one whole Warrant. Each whole Warrant will entitle the holder to purchase one non flow-through common share of the Company for a period of two years at a price of $0.15 in the first year and at a price of $0.20 in the second year. As part of the placement, directors and two affiliated corporations who are the Company’s controlling shareholders have agreed to sell, through the facilities of the TSX Venture Exchange, an aggregate of up to 3,115,786 common shares of the Company at $0.10 per share net of commissions. These individuals and corporations have agreed to invest the net proceeds from such sales in the Company by subscribing for an equal number of units in the private placement, in order to ensure that the Company achieves an adequate level of funding, and without any change of control. The Company has agreed to pay finder’s fees on portions of the private placement, equal to 8% of the funds raised from placees identified and introduced by the finders, who will also be granted Warrants equal in number to 10% of the number of units subscribed for by such placees. No finder’s fees or other consideration will be paid by the Company in respect of placees who are not at arm’s length to the Company. The private placement proceeds will be used for continued exploration and drilling on the Company’s Argosy Mine Property in the Red Lake District, Ontario, and the Thorn Property in northwestern British Columbia. The Company is earning a 51% interest in each of these properties. Results of prior work were announced by the Company on December 2, 2002 and December 5, 2002, respectively, and may be viewed on the Company’s website at www.firstaustrategies.com. Private placement proceeds will also be used for general corporate purposes. Completion of the transactions announced in this news release is subject to acceptance for filing by the TSX Venture Exchange. For further information please contact Kaare Foy, Director, at telephone 604 608 1766, or fax 604 608 1744, or e-mail oceanic@telus.net. ON BEHALF OF THE BOARD Kaare G. Foy, Director and CFO The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release