Z-Gold Exploration Inc.

Z-Gold Exploration Inc.

October 07, 2010 17:18 ET

Z-Gold Exploration Closes a Private Placement and Acquires Vauquelin Property

ROUYN-NORANDA, CANADA--(Marketwire - Oct. 7, 2010) - Z-Gold Exploration Inc. (TSX VENTURE:ZGG) is pleased to announce the closing of a private placement for the amount of CDN $400,000.

The placement

The placement consists in 400,000 common shares at a price of $0.20 per share representing $80,000 and 1,600,000 flow-through shares at a price of $0.20 per share representing $320,000. Each share is accompanied of one-half (½) of a share purchase warrant. On whole warrant allows to subscribe for one common share of the Company at a price of $0.26 per share, expiring October 7, 2012.

The securities that will be issued at the closing of this private placement will be subject to a hold period of four months and one day from closing. This placement is subject to the approval of the regulatory authorities.

The Property

Z-Gold Exploration Inc. is pleased to announce the acquisition of a 6 mineral claims totaling 345.21 hectares located in the Vauquelin Township in the Val-d'Or Mining Division, Province of Quebec.

Z-Gold Exploration Inc. will issue 250,000 shares at signature to acquire a 100% interest in the Vauquelin claims. The vendor has retained a 1% NSR in the property. This acquisition is subject to regulatory approval.

About Z-Gold Exploration Inc.

The head office of Z-Gold is located at 15, rue Gamble East, Suite 204, Rouyn-Noranda, QC, J9X 3B6. Z-Gold Exploration Inc. is exploring for gold and base metals in the Abitibi Greenstone Belt.

Z-Gold has as its flagship property the Abitibi Gold Property located in Munro Township in the famous Timmins mining camp. There are many surface gold showings that require investigation by ground geophysical surveys and followed up by a diamond drilling program. A recent airborne survey has successfully outlined many EM and magnetic structural features. A geophysical feature similar to the Croesus mine has been identified. The Abitibi Gold Property consists of five mining leases containing 85 claims (91 units) located approximately 86 kilometres east northeast of the city of Timmins in the Larder Lake Mining Division, Ontario.

Z-Gold Exploration Inc. is a publicly listed company trading on the TSX Venture (ZGG).

This press release was prepared by Z-Gold Exploration Inc. Neither the TSX Venture Exchange Inc nor its Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release. 

This document may contain forward-looking statements relating to Z-Gold's operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Z-Gold's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filling. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not placed on such forward-looking statements. Z-Gold disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

Contact Information

  • Z-Gold Exploration Inc.
    Rodrigue Tremblay
    President and CEO
    800-388-8668 / 819-797-8668
    819-797-6050 (FAX)