Posts Tagged Casino Deposit

Central Resources Acquires Properties in White Gold District

Central Resources Corp. is pleased to announce that is has entered into an option agreement with Strategic Metals Ltd., (“Strategic Metals”) to purchase a 100% interest in six separate groups of mineral claims (the “Properties”) located within the White Gold District, Yukon.

The Properties consist of 522 mineral claims in six separate groups, all of which are located within the Dawson Range, in the west-central portion of the Yukon-Tanana terrane. This area is underlain predominantly by metasedimentary and metavolcanic rocks of inferred Devonian to Mississippian age, which are intruded by numerous Mesozoic granitic plutons hosting copper, molybdenum and gold mineralization.

The Properties were staked by Strategic Metals to cover areas of anomalous stream sediment and soil geochemical surveys. Kaminak Gold Corp. has had recent success drilling geochemical anomalies at their Coffee project, which is underlain by similar rocks of the same terrane. A map showing the property locations can be found on the Company’s website www.centralres.ca.

Option Terms

Under the terms of the option agreement, Central can earn a 100% interest in the Properties, subject to a 3% Net Smelter Royalty (“NSR”), by making staged payments to Strategic Metals of $300,000 cash and 3,000,000 shares by February 15, 2012, as described in the table below. Central has the right to purchase 1% of the NSR at any time for a cash payment of $1,000,000. A finder’s fee is payable to Axeman Resource Capital Inc., an exempt market dealer. The agreement is subject to acceptance by the TSX Venture Exchange.

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Detailed Option Terms
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Date Cash Payment Share Issuance
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Upon Exchange Acceptance $115,000 500,000
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February 15, 2011 $35,000 1,000,000
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February 15, 2012 $150,000 1,500,000
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Peter Thiersch, M.Sc., P.Geo., a “Qualified Person” as defined by National Instrument 43-101, has reviewed and approved the technical disclosure in this news release.

About Central Resources

Central Resources Corp., is a junior mineral exploration company created to leverage the extensive knowledge and expertise of an experienced team of financial and resource industry professionals.

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Western Copper Closes C$4 Million Flow-Through Financing And Commences Exploration Activities

Western Copper Corporation is pleased to announce that, further to its news release dated July 06, 2009, it has completed a flow-through financing for gross proceeds of C$4,000,000, representing 100% subscription.

The gross proceeds will be used for exploration activities, primarily at the Company’s world class Casino gold-copper-molybdenum project located in the Yukon. Exploration activities at Casino will commence immediately consisting initially of a Quantec Titan 24 Deep Penetrating IP geophysical survey to expand our understanding of the extent of the deposit limits, followed by a drilling program of approximately 10,000 metres.

Pursuant to the Offering, Western Copper issued 4,000,000 units, comprised of one flow-through common share of the Company at a price of C$1.00 and one-half of one common share purchase warrant. Each whole warrant will be exercisable for one non flow-through common share of the Company at a price of C$1.25 per common share and will expire three years following closing. If, commencing on the date that is four months plus one day following the closing of the Offering, the weighted average trading price of the Company’s common shares on the TSX is at a price equal to or greater than C$2.00 for twenty consecutive trading days, the Company will have the right to accelerate the expiry date of warrants by giving thirty days written notice to the holder.

Casimir Capital L.P. acted as the agent of the Offering, while Kingsdale Capital Markets Inc. participated as part of the selling group. At the closing, the Agent received a cash commission and warrants, both equal to 6% of the gross proceeds raised. Each warrant will be exercisable for one non flow-through common share of the Company at a price of C$1.25 per common share and will expire two years following closing. If the weighted average trading price of the Company’s common shares on the TSX is at a price equal to or greater than C$1.75 for fifteen consecutive trading days, the Company will have the right to accelerate the expiry date of the Agent’s Warrants by giving thirty days written notice to the Agent.

As a result of the completion of the Offering, Western Copper’s share structure consists of 76,819,036 common shares, 4,116,834 options and 2,240,000 warrants, totaling 83,175,870 fully diluted shares.

In accordance with securities legislation currently in effect, the flow through shares, warrants, any common shares issued on exercise of the warrants, and Agent’s Warrants will be subject to a hold period of four months plus one day extending from the closing date of the transaction.

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Western Copper Announces Flow-Through Financing

Western Copper Corporation is pleased to announce that it has appointed Casimir Capital L.P. to act as its agent in connection with a private placement for up to 4,000,000 units of the Company at C$1.00 per unit for gross proceeds of up to C$4,000,000. Kingsdale Capital Markets Inc. will also be participating in the Offering as part of the selling group.

Each unit consists of one flow-through common share of the Company and one-half of one common share purchase warrant. Each whole warrant will be exercisable for one non flow-through common share of the Company at a price of C$1.25 per common share and will expire three years following closing. If, commencing on the date that is four months plus one day following the closing of the Offering, the weighted average trading price of the Company’s common shares on the TSX is at a price equal to or greater than C$2.00 for twenty consecutive trading days, the Company will have the right to accelerate the expiry date of warrants by giving thirty days written notice to the holder.

The Agent will receive a cash commission and warrants (“Agent’s Warrants”), both equal to 6% of the gross proceeds raised by the Agent. Each Agent’s Warrant will be exercisable for one non flow-through common share of the Company at a price of C$1.25 per common share and will expire two years following closing. If the weighted average trading price of the Company’s common shares on the TSX is at a price equal to or greater than C$1.75 for fifteen consecutive trading days, the Company will have the right to accelerate the expiry date of the Agent’s Warrants by giving thirty days written notice to the Agent.

The gross proceeds will be used to incur qualifying Canadian Exploration Expenses, primarily at the Company’s world class Casino project, located in the Yukon. The Casino project has NI 43-101 compliant reserve of 8 million oz of gold, 4.4 billion lb of copper, and 475 million lb of molybdenum, contained in approximately 1 billion tonnes of ore. A positive pre-feasibility study was completed in June 2008, projecting a 30 year mine life with a 20.4% pre-tax IRR, C$1.8 billion NPV (8%) and a 3.8 year payback period.

The Offering is expected to close on or before July 10, 2009 and it is subject to certain conditions including, but not limited to, the receipt of all the necessary regulatory approvals including the approval of the TSX.

In accordance with securities legislation currently in effect, the flow through shares, warrants, any common shares issued on exercise of the warrants, and Agent’s Warrants will be subject to a hold period of four month plus one day extending from the closing date of the transaction.

This news release does not constitute an offer to sell or solicitation of an offer to sell any of the securities in the United States. The securities described herein have not been and may never be registered under the United States Securities Act of 1993, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold in the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable securities law or unless an exemption from registration is available.

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White Gold Area Play Heating Up

Not a single day goes by in the past two weeks without a news release of another company staking claims and citing recent drill results from Underworld Resources in the Yukon as the reason.

This is exactly what happened with Noront Resources in 2007 and with Goldsource Mines in 2008 and their subsequent more than 10-fold share price increase. Area plays can do very well and some of these juniors may end up with results that rival that of Underworld. This is a likely scenario in this case because the White Gold district is in a northwest trending belt of gold rich mineral deposits which include Western Copper’s Casino deposit and Capstone’s Minto mine.  

The White Gold area play has the potential to go for even longer, since it is gold and gold has a long way to go….UP. The Noront and Goldsource plays were effectively killed by the crash in the nickel price and coal price respectively. This area play will go on for a year or even more as field crews are mobilized to the Yukon and news will be flowing constantly over the next year from all the companies involved. The media will report more and more on it, newsletter writers will be hired to promote it, and investors will put more and more money into it. We are still in the very early stages of this area play so it is not too late to get in. Check out the list of White Gold District players on the right sidebar and move your cursor over the price change to see a price chart for each stock from Yahoo Finance.

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