Stellar AfricaGold Completes $150,000 Private Placement and Starts Work Program on Opawica and Philibert I
January 22 2014 - 9:59AM
Marketwired
Stellar AfricaGold Completes $150,000 Private Placement and Starts
Work Program on Opawica and Philibert I
MONTREAL, QUEBEC--(Marketwired - Jan 22, 2014) - Stellar
AfricaGold Inc. ("Stellar"), (TSX-VENTURE:SPX) announces that is
has completed a non-brokered private placement, raising gross
proceeds of $ 150,000 through the issuance of 150 units priced at $
1,000 each. Each unit consists of 8,500 flow-through common shares
($ 0.10 each) and 1,500 common shares ($ 0.10 each) and 10,000
common share purchase warrants entitling the holder to purchase one
additional common share, for a period of 12 months from closing, at
a purchase price of $0.15 each.
The net proceeds will be used to advance Stellar's newly
acquired Opawica amd Philibert I properties in Quebec and for the
corporation general working capital purposes.
The company also informed shareholders that it has contracted
Géophysique GPR International Inc. to proceeds to the complete
coverage of Opawica and Philibert-I properties with and airborne
Magnetic and VLF survey. A total of 437 line kilometre of survey at
a line spacing of 100 metre will be done during the month of
February 2014. The results of the survey will be known in the
course of March 2014 and will constitute the base for the
orientation of the company's summer program.
About OPAWICA Property:
The OPAWICA Property consist of three blocs totalling 80 mining
cells recently acquired by the Stellar in the area of the new Liam
gold discovery on the Nelligan Project of Vanstar. It is located
approximately 45 kilometres south of the village of Chapais and is
accessible year-round by several forestry roads. A power line
crosses the South block of the Opawica property.
The Opawica property is located within the
Tomagold/Iamgold-Vanstar-Soquem working area which is to date the
most active exploration camp in Quebec. Among the most important
gold occurrences reported in the area, we note SOQUEM Meston Lake
deposit (1.2 MT @ 6.25 g/t Au), SOQUEM Philbert deposit (1.3 MT @
5.32 g/t Au), as well as numerous high grade drill and channel
sampling reported by Tomagold, Vanstar, Murgor and SOQUEM as well
as the former Joe Man gold mine that produced over 1.0 million
ounces of gold.
About PHILIBERT I PROPERTY
The property consists of four mining cells covering 224 hectares
in the Gamache township, 45 kilometres south of the town of
Chapais, Que.
The Philibert-I showing was discovered in 1983 by prospection,
and consists of a gold mineralization associated with
quartz-tourmaline-sulphides veins. Historical exploration reported
grades of 31.6 grams per tonne gold and 2.54 grams per tonne silver
in channel sampling across exposed quartz veins, and of 18.66 grams
per tonne gold over 0.6-metre cuts in a drill hole. This property
is located in the same environment than Opawica property, and is
6.5 kilometres north-northeast of Vanstar's Liam discovery.
In connection with the private placement, no finder's fee was
paid. All securities issued pursuant to the private placement are
subject to a four-month-and-one-day hold period and the private
placement is subject to approval by the TSX Venture Exchange.
The technical content of this press release have been
reviewed and approved by Mr. Maurice Giroux, a Qualified Person as
defined in NI 43-101.
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.
Maurice Giroux, President and CEOStellar AfricaGold
Inc.514-866-6299514-866-8096Ress.stellar@bellnet.cawww.stellarafricagold.ca
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