This is imminent-- it's not only the beautiful and wild
Yellow Dog Plains at risk -- the press release below outlines the current
status of corporate activities that seek to bring together the financial
resources to pursue mining in sulfide ore bodies in an area of many lakes and
Contact the Sierra Club to find out how to become involved to help protect our precious waters from the forever-effects of sulfuric acid and acid mine drainage.
Original from: http://www.ccnmatthews.com/news/releases/show.jsp?action="">
JML Completes $2 Million Financing;
Funding Targeted For Zinc-Gold ...
JML Completes $2 Million Financing; Funding Targeted For Zinc-Gold ...
CCNMatthews (press release) -
JML Resources Ltd. ... Ken Lapierre P.Geo (ON) and President of JML is the Qualified Person for JML Resources Ltd. for purposes of National Instrument 43-101. ...
JML Resources Ltd.
TSX VENTURE: JJJ
INDUSTRY: Mining - Precious Metals
DECEMBER 2, 2005 - 10:20 ET
JML Completes $2 Million Financing; Funding Targeted For Zinc-Gold Project
NOT FOR DISTRIBUTION TO
JML Resources Ltd. (TSX VENTURE:JJJ) ("JML" or the
"Company") is pleased to announce that it has completed a brokered
private placement (the "Offering") in 2079537 Ontario Limited
("Cashco") of $2,015,900 to finance exploration work on the Back
Forty project in Michigan, currently held by Aquila Resources Corp. The
Offering is part of an agreed merger transaction ( the "Acquisition
Agreement ") in which JML will acquire 100% of the shares of Aquila
Resources Corp. ("
The Agent received a commission equal to 8% of the subscription proceeds payable at closing in cash and Units. The Agent was issued 932,500 agent compensation warrants (the "Broker Warrants") pursuant to the transaction. Each Broker Warrant shall be exercisable at an exercise price of $0.30 per share for a period of two years from the date of issuance.
ABOUT THE BACK FORTY PROJECT
The Back Forty Project is an advanced exploration project with an
identified inferred resource of 3.1 million tonnes grade 6.8% Zn, 0.25% copper,
32 g/t Ag, and 2.0 g/t Au. The resource estimate was prepared by
The VMS deposit at Back Forty was discovered in February, 2002 when three holes drilled from surface returned the following results:
Discovery Drill Holes - Section 35375
(RJ’S NOTE – THIS TABLE WAS REMOVED DUE TO FORMATTING ISSUES HERE – SEE THE URL LINK ABOVE FOR THIS INFORMATION!!!)
Note: Intervals noted above are apparent and not true width.
Au equals gold, Ag equals silver; Cu equals copper; Pb equals lead; Zn equals zinc m equals meters
Proceeds from the initial financing will be used to expand the known massive sulfide zones, define peripheral gold zones in altered host rocks, test new geophysical targets, and to conduct preliminary metallurgical assessment of mineralization identified to date, as well as for general corporate purposes.
Robin Dunbar CFO and Director of JML stated " We like zinc.
Through this transaction JML shareholders will gain exposure to an exciting
base and precious metal discovery. The Back Forty Project has excellent
potential for resource expansion and additional discoveries". Mr. Thomas
Quigley, CEO of
Ken Lapierre P.Geo (ON) and President of JML is the Qualified Person for JML Resources Ltd. for purposes of National Instrument 43-101.
STATUS OF THE RTO
In accordance with the TSXV policies, JML is preparing and finalizing the documentation required to be filed according to Policy 5.2 of the TSXV, including the Management Information Circular which provides full disclosure of all the material facts relating to the RTO.
Completion of the transaction is subject to a number of conditions
including but not limited to TSXV acceptance and approval by the shareholders
of JML and
Investors are cautioned that except as disclosed in the Management Information Circular to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of JML should be considered highly speculative.
For more information please visit JML's website at: www.jmlresources.com
Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements.
The securities being offered have not and will not be registered in the
United States under the United States Securities Act of 1933, as amended (the
"1933 Act") or any state securities laws, and may not be offered or
sold within the United States or to or for the account or benefit of U.S.
persons absent U.S. registration or an applicable exemption from U.S.
registration requirements. This news release does not constitute an offer to
sell or a solicitation of an offer to purchase securities in the
Shares Outstanding: 27,326,910
The TSX Venture Exchange has not reviewed and does not accept responsibility for the contents of this release.
JML Resources Ltd.
Water Sentinels Project
Sierra Club Mackinac Chapter