Drilling Underway on the B40 Section of St-Georges' Isoukustouc Nickel-Copper and Platinum Property
April 05 2012 - 10:30AM
Marketwired
St-Georges Platinum and Base Metals Ltd.
(CNSX:SX)(OTCQX:SXOOF)(FRANKFURT:85G) is pleased to inform that the
phase 1 of its drilling campaign on the Isoukustouc property has
resumed. The Company expects to complete a minimum of 1,200 meters
on the B40 and northern Isoukustouc sectors of the property during
the month of April. The Company is also initiating a private
placement that should be completed in April.
The 2011-2012 Isoukustouc Drilling Campaign
In December 2011, the Company completed 2,100 metres of diamond
drilling on the Mathilda section of the Isoukustouc property on the
Quebec North Shore. The Company has now moved to the B40 and
northern Isoukustouc sections of the property where 6 drill holes
are planned for approximately 1,200 meters. Drilling on the B40
showing is conducted by Landdrill and supervised by Consul-Teck
Exploration. Initiated last week, the first drill-hole (B40-12-01)
reached a depth of 96 meters and intersected a +/- 10 meters
mineralized zone near the surface consisting of 1-2%
pyrrhotite+/-pentlandite with several zones attaining 5-8%
pyrrhotite. This hole is located approximately 25 meters southwest
of the historical B40 showing. (Pictures of some of the mineralized
zone are showed below).
Drilling of the second hole (B40-12-02), located about 25 meters
northeast of the historical showing, is currently underway. A third
hole is planned in the vicinity of B40. Three additional drill
holes will be performed to test positive magnetic anomalies along a
metasediments/gabbro contact in the northern Isoukustouc sector.
(See maps below)
Pictures and maps are available at the following address:
http://media3.marketwire.com/docs/Isukoustouc%20B40Drilling%20andPP.pdf
Financing
The Company initiated today two separated non-brokered private
placements (the "Offerings"), for gross proceeds of up to
$2,400,000, comprising of:
A. Up to 24,000,000 non-flow through units at $0.05 per unit, for gross
proceeds of up to $1,200,000, with each unit to consist of: (i) one
common share of the Company, (ii) one-half of one common share purchase
warrant, with each whole warrant to entitle the holder to purchase one
additional common share at a price of $0.08 for a period of 12 months
from closing, and (iii) one-half of one common share purchase warrant,
with each whole warrant to entitle the holder to purchase one additional
common share at a price of $0.15 for a period of 24 months from closing;
and
B. Up to 15,000,000 flow-through units at $0.08 per unit, for gross
proceeds of up to $1,200,000, with each unit to consist of: (i) one
flow-through common share of the Company, (ii) one-half of one flow-
through common share purchase warrant, with each whole warrant to
entitle the holder to purchase one additional flow-through common share
at a price of $0.10 for a period of 12 months from closing, and (iii)
one-half of one common share purchase warrant, with each whole warrant
to entitle the holder to purchase one additional common share at a price
of $0.25 for a period of 24 months from closing.
Closing of the Offerings is anticipated to occur on or May 15,
2012 and is subject to Canadian national Stock Exchange acceptance.
Securities issued under the Offerings will be subject to a hold
period in Canada which will expire four months and one day from the
date of closing.
The proceeds from the Offerings will be used for the exploration
program and for working capital purposes.
On Behalf of the Board of Director
FRANK DUMAS
President / CEO
About St-Georges
St-Georges is a junior Platinum, Palladium, Rhodium, Copper,
Cobalt and Nickel explorer with projects in the Province of Quebec,
Canada. Headquartered in Montreal, the Company's stock is listed on
the CNSX under the symbol SX, the OTCQX under the Symbol SXOOF and
the Berlin Stock Exchange under the symbol 85G. It owns the
Villebon Copper- Nickel and PGEs property in Abitibi and a 100%
interest in the Julie and Isoukustouc Nickel-Copper-PGEs projects
on the Quebec North Shore. The company also owns a 100% interest in
ten North Shore properties that constitute the Manicouagan
constellation which are explored for Nickel, Copper, Platinum,
Palladium and Graphite and 50% equity interest in 6 properties
explored for graphite with Amseco Exploration, all the latter being
on Quebec's North Shore near the deep-seaport town of
Baie-Comeau.
For additional information, please visit our website at:
www.stgeorgesplatinum.com
Forward-looking Statement:
This document contains certain forward-looking statements which
involve known and unknown risks, delays, and uncertainties not
under the corporation's control which may cause actual results,
performance or achievements of the corporation to be materially
different from the results, performance or expectation implied by
these forward- looking statements.
Michel Boily,Ph.D,. P.Geo, St-Georges Vice-President Exploration
is a qualified person under NI 43-101. Mr.Boily has reviewed and
approved the technical content of this release.
The Canadian National Stock Exchange (CNSX) has not reviewed and
does not accept responsibility for the adequacy or the accuracy of
the contents of this release.
Contacts: Paradox Investor Relations 1.866.460.0408 Or for
St-Georges:ceo@stgeorgesplatinum.com
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