GoldTrain Resources Inc.

June 19, 2009 09:11 ET

GoldTrain Announces $450,000 Non Brokered Flow-Through Private Placement

TORONTO, ONTARIO--(Marketwire - June 19, 2009) - GoldTrain Resources Inc. ("GoldTrain" or the "Company") is pleased to announce a proposed non-brokered private placement of up to 3,000,000 flow-through common shares at a price of $0.15 per flow-through common share (the "Offering"), for aggregate gross proceeds of up to $450,000. All securities issued pursuant to this private placement will be subject to a four (4) month hold period. Completion of the private placement is subject to receipt of all required regulatory and other approvals.

The gross proceeds to GoldTrain from the Offering will be used to fund exploration expenses eligible for Canadian Exploration Expense in connection with GoldTrain's projects in Ontario including its Missinabie Gold Property, Janes Twp. Copper-Nickel- Platinum Group Element Property and Clement Twp. Gold Property.

The proposed exploration program on the 100%-owned Missinabie Property is a continuation of the mapping, sampling and Induced Polarization (I.P.) surveying that was completed in December, 2007 and a historical sampling program that was undertaken in 1988. Phase I of the proposed program will consist of detailed mapping and sampling of the "D" Vein to increase the understanding of the nature of the gold mineralization that is present, as well as ground-truthing several I.P. anomalies in the same area. Previous sampling programs on the "D" Vein have returned assay values such as 18.47 grams of gold per tonne (g Au/t) over 3.66 meters (m), 12.51 g Au/t over 2.75 m and 54 g Au/t over 2.00 m as well as several other significant results that are detailed in a National Instrument 43-101- ("NI43-101") compliant technical report authored by Mr. Haydn R. Butler, P.Geo., ("Butler") dated March 26, 2009; this report is filed on SEDAR (www.sedar.com). The gold-bearing "D" vein exposure, localized within the so-called "D" shear, returned a reported weighted-average grade of 0.206 ozs Au/ton (7.06 g Au/t) over an average width of 3 m along 50 m of exposed strike length.

Phase II of the Missinabie program is a planned 1,000-meter diamond-drilling program to test the surface showing at shallow depths and to gain further information regarding the strike and dip of the various veins and associated shear structures.

GoldTrain is also pleased to announce that most of the key personnel involved with the original 1988 work program are currently available to assist in this program and have expressed keen interest in further advancing this project. Mr. Brian Wright, President of GoldTrain, is grateful that the Company has been able assemble a first-class exploration team for this project and looks forward to working with them once again. The total budget for the Missinabie program is expected to be approximately $210,000.

The proposed exploration work for the 75%-owned Janes Twp. Property is to log and sample the existing drill core from a 9-hole (862 m) program of diamond drilling that was completed in December 2007. The core from that program was never completely logged or sampled; the program was completed during the period that Goldwright Explorations Inc. and Hall Train Entertainment Inc. were in the process of pursuing the amalgamation to create GoldTrain. This drill program was designed to test the strike and depth extensions of mineralization encountered in the previously reported drill programs carried out by former operator Pacific North West Capital Corp. Upon completion of this program, GoldTrain will have sufficient assessment credits filed with the Ontario Ministry of Mines and Northern Development to apply to bring key claims to lease and start the permitting process to extract a bulk sample for metallurgical testing. The total budget for the Janes Twp. Property is expected to be approximately $85,000. An NI43-101-compliant technical report on the Janes Twp. Property, also written by Butler and dated March 26, 2009, is available and filed on SEDAR.

Exploration work and the content of this release has been reviewed under the supervision of Mr. John M. Siriunas, P.Eng., the designated qualified person for GoldTrain under the definition of NI43-101.

This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The flow-through common shares will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.

This press release contains forward-looking statements within the meaning of applicable Canadian and U.S. securities regulation, including statements regarding the future activities of the Company. Forward-looking statements reflect the current beliefs and expectations of management and are identified by the use of words including "will", "anticipates", "expects", "expected to", "plans", "planned" and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward-looking statements is subject to a number of risks, including those described in the Company's management discussion and analysis as filed with the Canadian securities regulatory authorities which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward-looking statements.

Contact Information

  • GoldTrain Resources Inc.
    Mr. Brian Wright,
    President and a Director
    (705) 967-0216
    By mail: #1801-180 Dundas Street West,
    Toronto, Ontario M5G 1Z8