Lomiko Sees New Investment In Cassiar By Chinese Firm As Positive Sign For The Vines Lake Gold Project
(via Thenewswire.ca)
(Vancouver) LOMIKO METALS INC. (TSX-V:LMR, OTC: LMRMF, Europe: ISIN: CA54163Q1028, WKN: A0Q9W7,) ("Lomiko" or "the Company) Lomiko Metals Inc. holds the rights to three contiguous mineral tenures, totaling 1,169 Ha (2,888 Acres) located in the southwestern corner of the Cassiar Gold District or ‘Cassiar Gold Camp'.
Recent developments in the area include the completion of a major investment from Chinese Firm SkyOcean Venture Investments Ltd. in Hawthorne Gold Corp. Skyocean, together with joint actor China Mineral Holdings, holds a total of 83,954,499 shares representing a total of 44.22 per cent of the outstanding shares of Hawthorne on an undiluted basis.
CASSIAR AREA HIGHLIGHTS:
-Lomiko recently raised $ 400,000 for work on the Vines Lake Gold Project.
-Two significant anomalies have been identified by geophysical surveys On Lomiko's 100% owned Vines Lake Project.
-The claims cover formations of the Sylvester group, which are known to contain productive zones of gold mineralization in the area.
-The Vines Lake Property is located approximately two kilometres southwest of the former Erickson gold mine.
-Excellent infrastructure exists in the area. Highway 37 N bisects the property north to south. A fully permitted 270 tonne per day, gravity and flotation mill, power plant, assay laboratory and tailings impoundment facility is owned by Hawthorne.
Further, Lomiko announces a private placement to raise up to $400,000 from eligible participants through the sale of up to 5,000,000 units of a common share at a price of $0.08 per unit.
The units will consist of one common share and a warrant exercisable for up to 2 years at $0.12 to purchase one half of a common share. The funds will be allocated to cover any additional costs for the Company's exploration program and the remaining amount will be for general working capital.
The Company has agreed to pay a cash finder's fee of 10% in relation to the financing. Any shares issued will be subject to a four month hold period.
The above financing is subject to Regulatory approval.
For more information, please contact Paul Gill at 604-729-5312, email: info@lomiko.com or refer to the website at: www.lomiko.com
On behalf of Lomiko Metals Inc,
Signed: "A. Paul Gill"
A. Paul Gill, President & CEO
We seek safe harbor. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2011 Thenewswire.ca - All rights reserved.