Minfocus Exploration Corp.

Minfocus Exploration Corp.

December 04, 2013 08:00 ET

Minfocus Exploration Announces Private Placement With Flow-Through Shares to Advance Exploration Work on Its Nipigon Reefs and Chief Peter Projects

TORONTO, ONTARIO--(Marketwired - Dec. 4, 2013) - Minfocus Exploration Corp. (TSX VENTURE:MFX) ("Minfocus" or the "Company") is pleased to announce a non-brokered flow-through and non-flow-through private placement of up to a combined 10,100,000 units for gross proceeds of up to $505,000 to be closed in tranches.

Each non-flow-through unit ("NFT Unit") at a price of $0.05 per NFT Unit will consist of one common share ("Share") and one-half of one non-transferable share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder to purchase one additional Share at a price of $0.10 per Share for a period of 18 months from the closing date.

Each flow-through unit ("FT Unit") at a price of $0.05 per FT Unit will consist of one Share issued on a flow-through basis pursuant to the Income Tax Act (Canada) and one-half of one Warrant. Each whole Warrant will entitle the holder to purchase one additional non flow-through Share at $0.10 per Share for a period of 18 months from the closing date. A maximum of 5,000,000 FT Units will be made available for issuance.

Proceeds from the private placement will be used by Minfocus to undertake exploration programs and meet commitments on two of its exploration properties, Nipigon Reefs and Chief Peter projects, and meet general corporate expenses.

The private placement is subject to acceptance by the TSX Venture Exchange.

Nipigon Reefs Project Minfocus has completed seven diamond drill holes totaling more than 2,000 metres, of which four holes intersected the expected ultramafic mineralized layers. Intercepts of Platinum Group Elements ("PGE") were made in four drill holes and confirm the existence of multiple significant PGE mineralized layers with drill core interval lengths up to 5.0 metres thick and with PGE grades up to 2.47 g/t 3E (3E=Pt+Pd+Au assays) and a ratio of about 1:1 Pt-to-Pd. Minfocus has also received assay results from samples from historic trenches and recent hand augering with PGE grades up to 1.92 g/t 3E, which combined with near surface core sampling determined that mineralization in the trenches could be followed downdip.

Chief Peter Project Minfocus completed a diamond drilling program of 754 metres in 6 drill holes on its Chief Peter project, which tested a 200 metres long extension of an anomalous sulphide zone in the Central Zone, which is surmised to extend for more than 500 metres from historic trenching. Four of the six holes intersected a gabbro body with disseminated sulphide mineralization. The gabbro intercepted in the four holes contained disseminated sulphide mineralization with anomalous copper, nickel and platinum group elements. The first two holes yielded the highest grade intercepts. In Hole 1, starting 41.0 metres down hole, gave values of 4.0 metres at 2.4 g/t 3E and 0.54% copper and in Hole 2, starting 49.0m down hole, gave values of 5.0 metres at 2.3 g/t 3E and 0.61% copper with the average ratio of Pt-to-Pd greater than 1:1. Subsequent surface work during the summer of 2013, near the earlier Minfocus drilling, has confirmed values of up to 2.4 g/t 3E with 0.77% copper in mineralized gabbro blocks adjacent to historic trenches.

About Minfocus Exploration Corp.

Minfocus Exploration Corp. is a Canadian company currently focused on the growth of a portfolio of Platinum Group Element ("PGE") rich resource assets through exploration, acquisitions and joint ventures in Northwest Ontario, Canada, which is one of the most stable mining districts in the world with global class PGE deposits. Minfocus has a distinguished management group with a record of multiple discoveries of deposits worldwide, and more than 15 years of experience and success exploring for PGE-rich resources in Ontario, including the discovery of the first Platinum-rich PGE deposit, the Panoramic Resources' Current Lake deposit (+790,000 oz Pt-Eq). The Minfocus management group also has extensive strength and success in corporate development, M&A and project development, which together with its technical prowess is aimed at delivering growth in shareholder value through a balanced strategic approach.

The Qualified Person who has reviewed and approved the technical content contained in this release is Dr. Gerald Harper, P.Geo.(Ont).

Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

This press release includes certain forward-looking statements concerning the future performance of the Company's business and operations as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are often identifiable by the use of words such as "may", "will", "might", "would", "plan", "believe", "expect", "anticipate", "intend", "estimate", "scheduled", "forecasts" and similar expressions or variations (including negative variations) of such words and phrases. Forward-looking statements are based on the current opinions and expectations of management, and are subject to a number of risks and uncertainties that may cause actual results, performance or achievements of the Company to be materially different from those currently anticipated by such statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, the possibility that future exploration results will not be consistent with the Company's expectations, fluctuating commodity prices, delays in commencing the Company's proposed drilling program, exploration costs varying significantly from estimates, the availability of financing, and other risks identified in the Company's documents filed with the Canadian securities regulatory authorities at www.sedar.com. Any forward-looking statement speaks only of the date on which it is made, and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.

Contact Information

  • Minfocus Exploration Corp.
    Gerald Harper
    President & Chief Executive
    (416) 232-0025