Mukuba Resources Limited

Mukuba Resources Limited

July 06, 2010 16:30 ET

Mukuba Announces Grant of Stock Options and Exercise of Warrants

TORONTO, ONTARIO--(Marketwire - July 6, 2010) - Mukuba Resources Limited (TSX VENTURE:MKU) ("Mukuba" or the "Company") is pleased to announce that is has granted an aggregate of 330,000 options to purchase common shares of Mukuba exercisable at a price of $0.27 per share until July 5, 2015, to directors and an employee of the Company. The common shares issuable upon exercise of the options are subject to a four month hold period from the original date of grant.

In addition, the Company is pleased to announce the exercise of an aggregate of 2,000,000 common share purchase warrants at a price of $0.35 per share for gross proceeds of $700,000.

About the Company

The business of Mukuba consists of the exploration and development of the Northcore Project, which is located in the highly prospective Central African Copperbelt region of Central Zambia. The Northcore Project is expected to encompass 2,274 square km of geologically prospective ground in the Domes Region of the Zambian Copperbelt following the completion of the ongoing license renewal process. The Northcore Project is licensed for copper and cobalt. Geological mapping, soil sampling and investigation of the historical showings as well as ground-truthing of the geological surveying results have confirmed the historical geological anomalies, and identified new anomalies. The Company's 2009 exploration program included drilling several of these anomalies.

Forward-looking Information

Securities regulators encourage companies to disclose forward-looking information to help investors understand a company's future prospects. This press release contains statements about our future business and planned activities. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements usually include words such as may, intend, plan, expect, anticipate, believe or other similar words. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this press release. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations.

Contact Information

  • Mukuba Resources Limited
    Trevor Richardson
    President and Chief Executive Officer
    +1 (416) 918 2242
    +1 (416) 603 9200 (FAX)
    Mukuba Resources Limited
    Nisha Hasan
    Manager Investor Relations
    +1 (416) 368 4013
    +1 (416) 603 9200 (FAX)