SNL Enterprises Ltd.

SNL Enterprises Ltd.

November 26, 2007 09:15 ET

SNL Enterprises Ltd.: 2007 Kitsault Moly Program Completed; Additional Ground Acquired; Private Placement Announced

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 26, 2007) - SNL Enterprises Ltd. (the "Company") (TSX VENTURE:SNL) is pleased to provide an update on the 2007 exploration program on its molybdenum exploration projects in the Kitsault region of northwestern British Columbia. On October 30, 2007 the Company announced the 50% vesting in the Keystone Property, comprised of 2,496 hectares of mineral tenures.

The target for this exploration work is a "low-fluorine type" molybdenum deposit. An example of this type of deposit is the past-producing B.C. Molybdenum (Kitsault / Lime Creek) deposit that had a pre-production reserve of 108 million tonnes grading 0.115% Mo.

Additional Land Acquisitions in Kitsault-Area, Northwestern BC

Interpretation of the Company's 2006 Airborne Tri-Axial Gradiometer Magnetic survey (Aeroquest HELIMAG System) outlined some additional areas highly prospective for low-fluorine type molybdenum deposits. Accordingly, the Company has acquired through staking, a 100% interest in an additional 11,921 hectares of mineral tenures.

The mineral tenures are located southeast of Kitsault and in close proximity to the B.C. Molybdenum mine property.

2007 Fieldwork Completed at Kitsault-Area Molybdenum Projects

During the period of August and September 2007, ground prospecting, geological mapping and stream geochemical sampling were conducted over the Keystone and adjacent areas of interest from the 2006 HELIMAG survey.

A total of 70 high stream sediment samples and 48 rock samples were taken during this program. Results are pending.

The information contained above has been reviewed by Sean McKinley, M.Sc., P. Geo., a Qualified Person as defined by National Instrument 43-101.

Proposed Private Placement

The Corporation proposes to carry out a non-brokered private placement of up to 5,333,333 units, with up to 2,666,667 warrants. Financing will be through the issuance of up to 2,000,000 non-flow through units at a price of $0.50 per unit, each unit consisting of one common share and a half common share purchase warrant, and up to 3,333,333 flow-through units at a price of $0.60 per unit, each unit consisting of one flow-through common share and a half non-flow-through common share purchase warrant. Each full warrant for each type of unit, will entitle the holder to purchase one additional non-flow-through common share at a price of $0.75 per share, with a term of one year. If fully subscribed, the Corporation will raise up to $2,000,000 in flow-through funds and up to $1,000,000 in non-flow-through funds, for a total of $3 million. The proceeds from this placement will be used to fund exploration expenditures and for general working capital. This placement is subject to exchange approval. The Corporation may pay finder's fees in cash and/or shares as per regulatory guidelines. There is no assurance that this proposed private placement will be completed either in whole or in part.

This document contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the corporations control which may cause actual results, performance or achievements of the corporation's to be materially different from the results, performance or expectation implied by these forward looking statements.

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

Contact Information

  • SNL Enterprises Ltd.
    Thal S. Poonian
    (604) 940-9157