Duncastle Announces Private Placements and Amendment to Property Agreement
February 08 2010 - 8:30AM
Marketwired
Duncastle Gold Corp. (TSX VENTURE: DUN)(FRANKFURT: 5D3) (the
"Company") reported today that it plans to issue up to 6.875
million common shares in two non-brokered private placements for
total gross proceeds of C$500,000.
The Company plans to issue up to 4.375 million common shares in
a non-brokered flow-through private placement at a price of C$0.08
per share to raise C$350,000, and to issue up to 2.5 million common
shares in a non-brokered non flow-through unit private placement at
a price of C$0.06 per unit to raise C$150,000. Each unit will
consist of one common share and one-half share purchase warrant,
each one warrant exercisable to purchase one additional common
share at an exercise price of C$0.10 per share for a period of one
year.
Finder's fees may be payable on both private placements. The
private placements and finder's fees are subject to regulatory
approval. Proceeds from the private placements will fund an
airborne geophysical survey and field work on the Company's
exploration projects in British Columbia, and for working
capital.
Property Agreement Amendment
The Company has amended the underlying property Agreement on its
Porphyry Creek project: extending the date for the next $30,000
payment to June 30, 2010; rescheduling the series of payments for
the balance of $240,000 due to the owners under the existing
Agreement; and extending the date for the aggregate work
commitments of $400,000 to June 30, 2012. An airborne VLF-EM
geophysical survey is planned for the Porphyry Creek project
starting this quarter.
About Duncastle Gold
Duncastle Gold Corp. is a Vancouver based gold exploration
company with mineral claims covering or surrounding past producers
in two historic BC districts. In Southeast BC Duncastle is
targeting high-grade gold-silver-lead-zinc veins at the former
Yankee-Dundee mine, 50km from the smelter at Trail, BC. In
Northwest BC the Company's holdings cover a 10 km long magnetic
anomaly, previous workings, and high-grade veins at its Porphyry
Creek project. Now covering more than 150 sq km, Duncastle has
assembled contiguous claim blocks in each of these two productive
regions for gold exploration.
As part of the Manex Resource Group, Duncastle benefits from
shared expertise in corporate finance, public company
administration, investor relations, and technical and geological
services provided for six public companies. Since its formation in
1997, the companies within the Manex Group have raised over C$250
million in exploration financing.
On behalf of the Board of Directors,
Victor J E Jones, President, Director, Duncastle Gold Corp.
This News Release may contain forward-looking statements
including but not limited to comments regarding the timing and
content of upcoming work programs, geological interpretations,
receipt of property titles, potential mineral recovery processes,
etc. Forward-looking statements address future events and
conditions and therefore involve inherent risks and uncertainties.
Actual results may differ materially from those currently
anticipated in such statements. Duncastle Gold Corp. relies upon
litigation protection for forward-looking statements.
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: Duncastle Gold Corp. Jeff Stuart 1.888.456.1112 or
604.641.2771 jstuart@mnxltd.com Duncastle Gold Corp. Liana
Shahinian 1.888.456.1112 or 604.641.2771
www.duncastlegoldcorp.com
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