SOURCE: Gemini Explorations, Inc.

April 21, 2009 09:30 ET

Gemini Explorations, Inc. Receives $75,000 Tranche From Previously Announced Financing for Use in Funding Its La Tapata Gold Mine Project

CALGARY, AB--(Marketwire - April 21, 2009) - Gemini Explorations, Inc. ("Gemini") (OTCBB: GXPI) is pleased to announce that it has received a $75,000 tranche drawn on a $500,000 financing commitment from Galleon Investments, Ltd., previously described in a news release dated August 15, 2008.

Of specific note is the portion of this funding applied to expenses incurred in a study involving additional exploration of the geology and mineralogy of Gemini's La Tapata Gold Mine property, previously announced in a news release dated February 26, 2009. This exploratory work is ongoing and is focused on developing detailed information regarding the structure and extent of the recently discovered second vein system, which Gemini believes has the potential to significantly enhance the economic value of this project. The completion of this study will help to determine if the company geologist's previously announced 12 grams of gold per tonne average grade estimate for the primary vein structure will be equaled or surpassed in the secondary structure. Additionally, this work will help to ascertain if silver is present in the secondary structure in similar concentrations to the 958.8 grams per tonne discovered in a La Tapata ore zone previously tested.

"The funds from this tranche will help us further refine our estimates of the economic value our La Tapata Gold Mine property with regard to its gold resources and to determine, as well, the extent of the potential for additional revenues from silver production for the project," stated Michael Hill, CEO of Gemini.

About Gemini Explorations, Inc.

Gemini Exploration is a mining exploration and development company formed to acquire, develop, and exploit natural resource properties focusing primarily on the rich yet highly underdeveloped gold deposits of Colombia.

Notice Regarding Forward-Looking Statements

This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the expectation that additional financing will close on specified dates, the expected completion date of the redevelopment of the La Tapata Gold Project. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the 2007 fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Contact Information

  • Michael Hill
    President & CEO
    Gemini Explorations, Inc.
    Suite 103, 240-11th Ave SW
    Calgary, AB T2R 0C3