Azteca Gold Announces Two Mile Geophysics Update and Financings
October 19 2009 - 5:23PM
Marketwired
Matthew Russell, President of Azteca Gold Corp. ("Azteca" or the
"Company") (TSX VENTURE: AZG) announces site completion of the
first phase of down-hole gravity geophysics at its 50% owned Two
Mile Project. Scintrex personnel collected down-hole data in
DDH-005B and DDH-006B from September 29, 2009 through October 7,
2009. Scintrex has processed the data for DDH-005B and has
confirmed to the Company that they are confident in the data from a
depth of 1800 FT to 9700 FT for inclusion in their final report
which is expected within two weeks.
Scintrex has expressed to the Company concern that some of the
data in hole DDH-006B is not usable due to instrument noise and has
requested that more data on hole DDH-006B be collected before
finalizing a report on hole DDH-006B. The Company has agreed to
their request and is working to schedule the re-logging of hole
DDH-006B. In addition, the Company, at the suggestion by Scintrex,
intends to schedule a surface gravity logging in the vicinity of
both holes DDH-005B and DDH-006B in hopes of triangulating the near
surface gravity measurements in these two holes.
Scintrex is a leader in geophysical instrumentation, providing
sales and services for ground, borehole, marine and airborne
applications for over 40 years. Scintrex products are used in
mineral, petroleum, groundwater, environmental, academic and
scientific applications and they are globally recognized as a
leader in geophysical instrumentation and application.
The Company also announces that holders of 1,074,221 warrants
that would have expired on November 8, 2009 (original strike price
is $0.88) accepted the Company's offer to exercise those warrants
for $0.10 for a total of $107,422.10. Those exercising these
warrants received a replacement warrant of the same amount,
exercisable for $0.15 for a period of two years from closing. All
dollar amounts referred to in this press release are in Canadian
currency unless otherwise noted.
Additionally, the Company has completed a non-brokered private
placement of $550,136 by the issuance of 8,576,696 units. Each unit
consisted of one common share and one common share purchase warrant
entitling the holder to subscribe for one additional common share
for $0.15 for a period of 2 years from closing. Insiders
participated in respect to $413,875 rather than entering into the
previously announced debt settlement on identical terms. Securities
issued in respect to this private placement are subject to trading
restrictions until February 10, 2010.
Funds raised will be used for continued drilling, geophysics and
assaying on the Company's 50% owned Two Mile project and for
general working capital.
The information contained in this news release has been prepared
under the supervision of Richard Nanna (Professional Geologist,
State of Washington, Certification No. 1398) a Company director and
the Company's QP for this press release as defined in National
Instrument 43-101.
WARNING: the Company relies upon litigation protection for
"forward looking" statements. The information in this release may
contain forward-looking information under applicable securities
laws. This forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause
actual results to differ materially from those implied by the
forward-looking information. Factors that may cause actual results
to vary material include, but are not limited to, inaccurate
assumptions concerning the exploration for and development of
mineral deposits, currency fluctuations, unanticipated operational
or technical difficulties, changes in laws or regulations, the
risks of obtaining necessary licenses and permits, changes in
general economic conditions or conditions in the financial markets
and the inability to raise additional financing. Readers are
cautioned not to place undue reliance on this forward-looking
information. The Company does not assume the obligation to revise
or update this forward-looking information after the date of this
release or to revise such information to reflect the occurrence of
future unanticipated events, except as may be required under
applicable securities laws.
Shares issued: 199,461,432
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Azteca Gold Corp. Jon Slizza VP of Finance and
Investor Relations Cell: (509) 981-2020 info@azteca-au.com
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