Far City Mining Limited

July 12, 2010 09:38 ET

Far City Completes Non-Brokered Private Placement

TORONTO, ONTARIO--(Marketwire - July 12, 2010) - Far City Mining Limited ("Far City" or the "Company") (CNSX:FCH) wishes to announce that further to its press release on July 08, 2010, it has completed its non-brokered private placement with eighty investors (the "Subscribers") whereby the Subscribers have agreed to purchase up to 1,793,000 shares of the Company at a price of CAN$0.23 per share for total proceeds of RMB¥2,689,500.00 (CAN$412,390.00).

The proceeds of the issue will be used for general corporate purposes of the Company.

Far City Mining Limited (CNSX:FCH) is a junior mineral exploration company engaged in exploring for silver and multi metals in Sichuan Province of Peoples Republic of China. The Company's principal property consists of a 9.81 square kilometer exploration permit, commonly known as the "Jiaogenma Property". The Company owns a 100% beneficial interest in the property with no royalty or other payments other than Government fees and levies. The Company's primary objective, using the current working capital and the funds that may be raised through the market, is to carry out the exploration program on the property recommended in NI 43-101 technical report prepared in respect of the property and to compile information in an effort to further define the mineralization potential of this property. The Company is evaluating other mineral properties with exploration and development potential on an ongoing basis with a view to adding to its inventory of mineral properties.

Further information on the Company and the Jiaogenma Property gold properties is available at www.sedar.com under the Company's profile.

Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the Ontario Securities Act. This includes statements concerning the Company's plans at its mineral properties, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the availability of financing for activities, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, metal price fluctuations, environmental and regulatory requirements, availability of permits, escalating costs of remediation and mitigation, risk of title loss, the effects of accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration or development, the potential for delays in exploration or development activities, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, expectations and beliefs of management and other risks and uncertainties. In addition, forward-looking information is based on various assumptions. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

Contact Information

  • Far City Mining Limited
    Harry Tak Shing Lam
    (852) 2723-8638