Far West Mining Ltd.

Far West Mining Ltd.

November 02, 2009 09:00 ET

Far West Mining Closes $10,000,000 Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 2, 2009) - Far West Mining Ltd. (TSX:FWM) advises that it has closed the financing with Quadra Mining Ltd. (TSX:QUA) announced on October 16, 2009 for gross proceeds of CDN $10,000,000.

Quadra Mining Ltd. ("Quadra") has subscribed for 4,901,961 units of Far West Mining Ltd. ("the Company") at C$2.04 per unit. Each unit consists of one common share and one transferable share purchase warrant of the Company. Each share purchase warrant will entitle the holder to purchase one common share for a period of 24 months after the Closing Date at an exercise price of C$2.75. No commissions or finders fees are payable in connection with this placement. Quadra holds a 7.9% equity interest in the Company, increasing up to 14.64% if all share purchase warrants are exercised.

The Company is a reporting issuer under the securities legislation of the Provinces of British Columbia, Alberta, and Ontario. The common shares, share purchase warrants, and the common shares issuable upon the exercise of the share purchase warrants, will not be subject to any hold or restricted period in Canada that extends beyond four months and one day after the Closing Date.

The proceeds of the financing will be used to progress the development of Far West's copper-iron-gold Santo Domingo project in Region III Chile and will include additional drilling and metallurgical testwork.

Far West Mining Ltd. is an international mineral exploration company engaged in the evaluation, acquisition, exploration and development of mining properties in Chile and Australia. For further information, investors should review the Company's filings that are available at www.farwestmining.com and www.sedar.com or contact Rick Zimmer, President and CEO or Iain MacPhail, CFO at (604) 602-9144.


Richard N. Zimmer, P.Eng., President and CEO

The TSX does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Far West Mining Ltd.
    Rick Zimmer
    President and CEO
    (604) 602-9144
    Far West Mining Ltd.
    Ian MacPhail
    (604) 602-9144