Gold Port Announces Secondary Non-Brokered Private Placement
September 20 2010 - 1:18PM
Marketwired
Gold Port Resources Ltd. (the "Company") (TSX VENTURE: GPO) is
pleased to announce a secondary non-brokered private placement of
up to 20 million units at a price of $0.085 per unit, for total
gross proceeds of up to $1,700,000. Each unit will consist of one
common share and one common share purchase warrant. Each warrant
allows the holder to purchase an additional common share of the
Company for a two year period at a price of $0.13. A portion of the
secondary non-brokered private placement will be subject to a
finder's fee that may be payable in cash, shares or warrants with
respect to certain private placement subscribers and in accordance
with the policies of the TSX Venture Exchange. The above secondary
non-brokered private placement is subject to the approval of the
TSX Venture Exchange.
Proceeds from the Private Placement(s) will be used to initiate
an extensive exploration program at the Groete Creek / Georgetown
West Project area. The program will include the establishing of a
grid across both project areas, surface sampling utilizing the
Company owned Geoprobe sampling system, surface sampling employing
SGS Laboratories Mobile Metal Ion Geochemistry technology, and
drilling of the known gold zone utilizing the Company owned Acker
track mounted drill system.
Groete Creek was originally explored by the United Nations
Mineral Survey and subsequently, Coeur d'Alene Mines (TSX: CDM).
The exploration which included drilling allowed Coeur d'Alene Mines
to calculate by using a simple polygonal method, a non-NI 43-101
compliant resource of approximately 94 million tonnes grading 0.6
grams per tonne gold and 0.11% copper (Caution: The issuer has not
done the work necessary to verify the classification of the
resource or reserve, the issuer is not treating them as a NI 43-101
defined resource or reserve verified by a qualified person, and the
historical estimate should not be relied upon). The drill program
will attempt to confirm and expand upon this area of gold
mineralization.
On Behalf of the Board of Directors of Gold Port Resources
Ltd.
Adrian F.C. Hobkirk, President and Chief Executive Officer
This news release contains certain "forward-looking statements"
within the meaning of Section 21E of the United States Securities
and Exchange Act of 1934, as amended. Except for statements of
historical fact relating to the Company, certain information
contained herein constitutes forward-looking statements.
Forward-looking statements are based upon opinions and estimates of
management at the date the statements are made, and are subject to
a variety of risks and uncertainties and other factors which could
cause actual results to differ materially from those projected in
the forward-looking statements. The reader is cautioned not to
place undue reliance on forward-looking statements. The transaction
described in this News Release is subject to a variety of
conditions and risks which include but are not limited to:
regulatory approval, shareholder approval, market conditions, legal
due diligence for claim validity, financing, political risk,
security risks at the property locations and other risks. As such,
the reader is cautioned that there can be no guarantee that this
transaction will complete as described in this News Release. We
seek safe harbour.
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. The TSX Venture Exchange has not reviewed
the content of this News Release and therefore does not accept
responsibility or liability for the adequacy or accuracy of the
contents of this News Release.
Contacts: Gold Port Resources Ltd. Adrian Hobkirk 714-316-3272
info@resourceexploration.com www.resourceexploration.com AJF
Consultants Ltd. Allan Feldman 604-948-9663
AJFConsultants@aol.com
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