Minfocus Exploration Announces TSXV Final Acceptance of Private Placement and the Initial Drilling Program at Coral Property
TORONTO, ON--(Marketwired - July 28, 2016) - Minfocus Exploration Corp. (TSX VENTURE: MFX) ("Minfocus" or the "Company") is pleased to announce that it has received Final Acceptance by the TSXV for the closing of its non-brokered private placement of 10,000,000 units for gross proceeds of $250,000. The private placement closing comprised subscriptions for $144,000 in non-flow-through units ("NFT Units") and $106,000 in flow-through units ("FT Units") for the maximum gross proceeds.
Insiders subscribed for a total of 3,820,000 units representing $95,500, including Gerald Harper, President and CEO, who is also a Control Person of Minfocus under TSXV Policies, who subscribed for 2,468,000 NFT Units and 972,000 FT Units. A finder's fee of $8,760 was paid on a portion of the subscriptions and 342,400 finder's warrants were issued at an exercise price of $0.025 per unit, which are exercisable for a period of 24 months, subject to an Accelerated Exercise Provision.
The proceeds from the private placement will be used by Minfocus to undertake a drilling program on its CORAL zinc project in British Columbia and to pay current trade payables and unrelated party overhead expenses.
Coral Zinc Project Initial Drilling Program
The drilling contractor has mobilized a lightweight, helicopter-portable drill rig to the property. The first and second drill sites have been prepared. Three holes at different azimuths and dips were drilled from site 1, and the drill has completed two holes at site 2. Drill hole information along with photographs are posted on the Minfocus website and will be updated on a regular basis. Minfocus has been granted a two-year Mines Act permit authorizing drilling at up to 10 drilling sites subject to a maximum area of disturbance.
The property has historic core drilling and trenching, intersecting mineralized breccias containing zinc and lead values of up to 7.8% zinc in carbonate rocks analogous to the Pine Point deposits, a low-iron Mississippi-Valley-Type geological environment. The primary drilling target is the large (600m x 300 m) zinc geochemical anomaly (15-50 times background zinc levels) with outcropping zinc mineralized brecciated dolostone at its edge. The target zinc anomaly is 100-150 metres from the historic drilling and trenching. For more details, see the Minfocus news release of October 19, 2015 and our website www.minfocus.com.
The first drill site is located approximately 130 metres northwest of the mineralized trench in Hound Dog Creek, and the second site is another 80 metres in the same direction. These provide a cross-section across the soil anomaly. Drill core logging is proceeding under the supervision of Minfocus' geological consultant and one of the original discoverers of the CORAL deposit, Dr. F. T. Manns. No samples have been shipped from the property yet.
Further press releases will be issued to provide regular updates on the Coral Zinc project.
About Minfocus Exploration Corp.
Minfocus Exploration Corp. is a Canadian company currently advancing a portfolio of base metal projects including zinc and nickel projects in British Columbia and a Platinum Group Element ("PGE") rich nickel project in N.W. Ontario. Minfocus has a successful management group with a record of multiple discoveries of deposits worldwide, including gold and uranium deposits in Mongolia and PGE-rich resources in Ontario, including the discovery of the first Platinum-rich Pt-Pd-Cu-Ni deposit in the Midcontinent Rift, the Current Lake deposit (+700,000 oz. Pt-Eq).
The Qualified Person who has reviewed and approved the technical content contained in this release is Dr. Graham C. Wilson, P.Geo.(Ont), a director of Minfocus.
Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This press release includes certain forward-looking statements concerning the future performance of the Company's business and operations as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are often identifiable by the use of words such as "may", "will", "might", "would", "plan", "believe", "expect", "anticipate", "intend", "estimate", "scheduled", "forecasts" and similar expressions or variations (including negative variations) of such words and phrases. Forward- looking statements are based on the current opinions and expectations of management, and are subject to a number of risks and uncertainties that may cause actual results, performance or achievements of the Company to be materially different from those currently anticipated by such statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, the possibility that future exploration results will not be consistent with the Company's expectations, fluctuating commodity prices, delays in commencing the Company's proposed drilling program, exploration costs varying significantly from estimates, the availability of financing, and other risks identified in the Company's documents filed with the Canadian securities regulatory authorities at www.sedar.com. Any forward-looking statement speaks only of the date on which it is made, and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.
Contact
For further information, please contact:
Gerald Harper
President & Chief Executive Officer
Phone: (416) 232-0025