Dajin Resources Corp.: $1,150,000 Private Placement Negotiated
31.08.2012 | The Newswire
Vancouver, B.C. - August 30, 2012 - Dajin Resources Corp. ("Dajin") (DJI-V: TSX) (C2U-FRANKFURT) is pleased to announce that, subject to regulatory approval, a non-brokered Private Placement has been arranged for up to 23,000,000 Units at a price of $0.05 per unit for gross proceeds of $1,150,000. Each Unit will comprise one common share and one-half of one non-transferable share purchase warrant. One whole warrant will entitle the holder to purchase one additional common share of Dajin at a price of $0.10 per share for a period of one year from the closing of the Private Placement by the TSX Venture Exchange. A finder's fee of 10% will be paid in cash or units on closing in accordance with TSX Venture Exchange policy. The proceeds from the Private Placement will be used for property exploration and project development in British Columbia and Argentina and for general working capital.About Dajin: (www.dajin.ca)
Dajin's Addie 1 property is located on the north side of the west arm of Quesnel Lake in the British Columbia Cariboo Mining District. Dajin owns a 100% interest in 29 mineral claims with a 1,500 meter long, linear gold-in-soils anomaly adjacent to Spanish Mountain Gold Ltd.'s (SPA: TSX-V) Spanish Mountain gold discovery. Dajin also owns a 100% interest in 34 mineral claims comprising the Addie 2 property located south of Quesnel Lake and adjacent to the Frasergold deposit. The Addie 2 property is another sedimentary hosted gold target with defined drill targets.
Dajin owns a 65% interest in 32 certain mineral claims and 100% interest in 3 additional mineral claims which comprise the Cowtrail Property. Dajin has intersected 1.16 g/t gold and 0.043% copper mineralization over 60.0 feet (18.3 meters) and 0.11 g/t gold and 0.20 % over 124.6 ft (38.0 meters). The Cowtrail Property is contiguous to Consolidated Woodjam Copper Corp's (WCC: TSX-V) Woodjam Copper-Gold project which has been optioned by Gold Fields Limited (NYSE: GFI) Gold Fields has a commitment to spend up to $40 million to earn a 70% interest in this project. An initial resource estimate of 146.5 million tonnes at 0.33% copper (1.06 billion pounds of copper) on the Woodjam Project has been reported by Gold Fields.
Dajin holds a 100% interest in concessions or concession applications in Salta and Jujuy Provinces that were acquired in regions known to contain brines with potassium, lithium and boron values. These lands total approximately 100,000 hectares, with 80,248 hectares located in the Salinas Grandes / Guayatayoc salt lakes basin. Other potash /lithium/boron companies currently exploring in Jujuy province include Lithium Americas Inc. (LAC: TSX-T) backed by Mitsubishi and Orocobre Limited (ORL: TSX-T) backed by Toyota. Orocobre previously sampled it's concessions and announced, "Extensive pit sampling at the Salinas Grandes salar shows the highest average lithium and potassium grades in Argentina and comparable with Atacama brines."
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.