Mustang Minerals Corporation : Completes Financing With Western Areas 7500m Drill Program Underway at the Mayville Property
January 23, 2012 at 08:07 pm IST
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Completes Financing With Western Areas
7500m Drill Program Underway at the
Mayville Property
TORONTO, ONTARIO -- (Marketwire) --
01/23/12 -- Mustang Minerals Corp. (TSX
VENTURE:MUM)(FRANKFURT:NJF)
("Mustang" or the
"Company") is pleased to
announce it has completed the final
closing of a non-brokered private
placement financing (the
"Offering") raising a total
of $4,631,467.
The Company issued 8,543,552 common
shares at a price of $0.10 per share to
Western Areas NL (TSX:ASX)
("WSA") for gross proceeds of
$854,355. No finders fees or
commissions were paid in connection
with the WSA placement. In addition to
the current tranche of common shares
the Company issued 31,475,931
flow-through shares for gross proceeds
of $3,777,112. The Company has paid
eligible finders fees of $297,369, and
issued 2,478,074 finders warrants
pursuant to the offering. All
securities issued under the Offering
are subject to a hold period of four
months and one day from date of
issuance.
WSA is Australia's 2nd largest
nickel sulphide producer with its two
operating mines being the highest grade
and lowest cash cost in the country.
Outside Australia, Western Areas has
active exploration and development
interests in Finland and Canada. After
issuance of the current tranche of
financing, Western Areas will maintain
its 19.9% ownership of the outstanding
common shares of Mustang.
With the fund raising now complete,
Mustang has re-commenced an exploration
drilling at its Mayville Property which
is located in southeast Manitoba.
Mayville has a NI 43-101 Cu-Ni open pit
resource at the M2 Zone and hosts the
PGM Zone where in 2011 it announced
significant intercepts of platinum-
palladium mineralization. Over the last
8 months Mustang has completed
extensive geological mapping,
geochemical and geophysical surveys at
Mayville and based on the results has
recently commenced a 30 hole - 7500m
drill program to test the down-dip and
on-strike extents of the PGM Zone,
Hititrite Cu-Ni Zone, Copper Contact
and several deep targets on the M2
Cu-Ni Zone.
Robin Dunbar President of Mustang
commented "through the excellent
work of our geological team we have
significantly increased our knowledge
and database of the Mayville Property
which covers much of the Mayville
Intrusive Complex. We anticipate a
productive exploration program at
Mayville in 2012."
About Mustang Minerals
Mustang Minerals has two open pit
deposits located in Southeast
Manitoba.
1. The Makwa Project has a NI 43-101
reserve estimate completed in Feb. 2010
by Micon International Limited outlined
9.855 million tonnes in the Probable
category containing 0.541% nickel,
0.113% copper and 0.433 g/t PGM.
2. The Company's Mayville Project
is located approximately 35 km by road
from Makwa and has a NI 43-101
Indicated Resource of 9.227 million
tonnes containing 0.61% copper, 0.23%
nickel and 0.174 g/t palladium.
Carey Galeschuk P.Geo. is the National
Instrument 43-101 Qualified Person for
Mustang Minerals Corp.
To find out more about Mustang Minerals
Corp. (TSX VENTURE:MUM) visit our
website at www.mustangminerals.com.
We seek safe harbour.
This news release contains
forward-looking statements within the
meaning of the United States Private
Securities Litigation Reform Act of
1995 and forward-looking information
within the meaning of the Securities
Act (Ontario) (together,
"forward-looking
statements"). Such forward-looking
statements may include the
Company's plans for its mineral
projects in Manitoba, the overall
economic potential of its properties,
the availability of adequate financing
and involve known and unknown risks,
uncertainties and other factors which
may cause the actual results,
performance or achievements expressed
or implied by such forward-looking
statements to be materially different.
Such factors include, among others,
risks and uncertainties relating to
potential political risk, uncertainty
of production and capital costs
estimates and the potential for
unexpected costs and expenses, physical
risks inherent in mining operations,
currency fluctuations, fluctuations in
the price of nickel and other metals,
completion of economic evaluations,
changes in project parameters as plans
continue to be refined, the inability
or failure to obtain adequate financing
on a timely basis, and other risks and
uncertainties, including those
described in the Company's
Management Discussion and Analysis for
the most recent financial period and
Material Change Reports filed with the
Canadian Securities Administrators and
available at www.sedar.com.
Shares Outstanding:197,530,658
Contacts:
Mustang Minerals Corp.
David Black
Investor Relations
416-955-4773
info@mustangminerals.com
www.mustangminerals.com
Source: Marketwire (January 23, 2012 -
7:00 AM EST)
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Grid Metals Corp. is a Canada-based exploration and development company. The Company is focused on both lithium and nickel-copper-platinum group metals in the Bird River area, approximately 150 kilometers (km) northeast of Winnipeg, Manitoba. It controls two lithium properties: Donner Lake and Falcon West. The 75% owned Donner Lake Property is situated 35 kilometers (km) north of the producing Tanco mine, one of only two lithium-producing mines in Canada. The Falcon West project covers 61,200 ha with 70 km of strike length along a prospective contact zone. Its Makwa Mayville Project is located in the Bird River Greenstone Belt approximately 145 km from Winnipeg, Manitoba. The project consists of two open pit NI 43-101 resources containing nickel, copper, platinum group metals and cobalt mineralization. Its East Bull Lake (EBL) palladium property covers 80% of the prospective EBL intrusion. Its Mayville PGE Zone is located approximately one km southeast of the Mayville Deposit.