23/10/2014 06:09:36 Free Membership Login

Drilling Underway on the B40 Section of St-Georges' Isoukustouc Nickel-Copper and Platinum Property

Date : 04/05/2012 @ 10:30AM
Source : Marketwired
Stock : St-Georges Platinum and Base Metals Inc. (SX)
Quote : 0.025  0.0 (0.00%) @ 2:05AM
St-Georges Platinum and Base Metals Inc. share price Chart

Drilling Underway on the B40 Section of St-Georges' Isoukustouc Nickel-Copper and Platinum Property

St-Georges Platinum and Base Metals Inc. (CNSX:SX)
Historical Stock Chart

3 Years : From Oct 2011 to Oct 2014

Click Here for more St-Georges Platinum and Base Metals Inc. Charts.


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



Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE and AMEX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

1 site:2 us 141023 06:09