Sanu Resources Ltd.
TSX VENTURE : SNU

Sanu Resources Ltd.

January 16, 2007 17:35 ET

Sanu Resources Ltd.: Successful Completion of $2,600,000 Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 16, 2007) - Sanu Resources Ltd. ("Sanu" or the "Company") (TSX VENTURE:SNU) is pleased to announce that it has completed its previously announced non-brokered private placement with Lundin Mining Corporation of 4,000,000 units at a price of $0.65 each for proceeds of $2,600,000. Each unit consisted of one common share (a "Share") and one transferable common share purchase warrant (the "Warrant"). Each Warrant entitles the holder thereof to acquire one additional Share for a period of two years at a purchase price of $0.90. The Shares and any Shares issued on exercise of the Warrants are subject to restrictions on transfer until May 17, 2006. The proceeds of the private placement will be used to continue exploration on the Company's property portfolio and general working capital.

Profile

Sanu is a mineral exploration company focused on the acquisition, exploration and discovery of world-class gold and base metal deposits in Africa and is currently exploring in Eritrea, Burkina Faso and Morocco. The Company has 29.8 million shares outstanding and trades on the TSX Venture Exchange under the symbol SNU.

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

Contact Information

  • Sanu Resources Ltd.
    Michael Winn
    President
    (949) 376-6451
    or
    Sanu Resources Ltd.
    Kim Casswell
    Corporate Secretary
    (604) 688-2199
    (604) 688-1157 (FAX)
    Website: www.sanuresources.com