Blue Pearl Mining Ltd.

Blue Pearl Mining Ltd.

August 03, 2005 10:50 ET

Blue Pearl Warrants Listed for Trading

TORONTO, ONTARIO--(CCNMatthews - Aug. 3, 2005) - Blue Pearl Mining Ltd. (TSX VENTURE:BLE) reports that 6,916,834 warrants to purchase the Company's commons shares have been accepted for trading on the TSX Venture Exchange. Each warrant entitles the holder to purchase a common share of the Company at $0.70 until March 22, 2007.

The warrants begin trading August 3, 2005 under the ticker symbol BLE.WT. The CUSIP number for the warrants is 09578T117.

The warrants were issued as part of a $10.3-million financing that closed March 22, 2005. The financing included 13,833,667 Purchase Receipts, each Purchase Receipt comprising one common share and one-half of a share-purchase warrant. The Purchase Receipts were subject to a four-month hold period that ended July 23, 2005.

Proceeds from the financing are being used to advance the Company's plans to develop the Davidson molybdenum deposit near Smithers B.C. Based on a technical report compliant with National Instrument 43-101 and filed on SEDAR, and using a cut-off grade of 0.2% MoS2, the Davidson property is estimated to contain a measured and indicated mineral resource of 83.0 million tons grading 0.295% MoS2 representing 293.5 million pounds of molybdenum (please refer to the Company's Material Change Report dated Jan. 26, 2005, and Technical Report dated February 16, 2005 and filed on SEDAR on March 7, 2005). Gary Giroux, P. Eng., is the independent qualified person in accordance with National Instrument 43-101 and has read and approved this news release.

The Company plans to complete a feasibility study, being prepared by Hatch Ltd., in mid-2006. Subject to results of the feasibility study, mine development is scheduled to begin in early 2007.

Shares outstanding: 40,280,382

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

Contact Information

  • Blue Pearl Mining Ltd.
    Ian McDonald
    Chairman & CEO
    (416) 860-1438 or Toll Free: 1-800-827-0992
    Blue Pearl Mining Ltd.
    Jim Borland
    Investor Relations Director
    (416) 860-1438 or Toll Free: 1-800-827-0992
    Renmark Financial Communications Inc.
    Christina Lalli
    (514) 939-3989