longjonsilver
19 years ago
news release out:
DESERT SUN MINING CORP. (TSX: DSM; AMEX: DEZ) has completed its previously announced bought deal financing pursuant to which, as a result of the underwriters exercising their over-allotment option in full, it raised $25 million through the issuance of 10,729,614 units at a price of $2.33 per unit. Each unit consists of one common share and one-quarter of one common share purchase warrant of Desert Sun. Each whole warrant will be exercisable at a price of $2.50 until November 20, 2008. The warrants will trade on the Toronto Stock Exchange under the symbol "DSM.WT". The underwriting syndicate for the offering was led by Sprott Securities Inc. and included CIBC World Markets Inc., Salman Partners Inc., Canaccord Capital Corporation, First Associates Investments Inc., Haywood Securities Inc. and Pacific International Securities Inc. Proceeds from the offering will be used by the Corporation as to US$10 million to expand its exploration program in Morro de Vento, Jacobina mine, Pindabacu and Canavieras, as to US$5 million to finance pre-feasibility and other development work at Morro de Vento and Canavieras and the balance for working capital purposes.
Desert Sun Mining is a Canadian gold exploration and development company listed on the Toronto Stock Exchange and the American Stock Exchange with 100% ownership of the Jacobina Mine and the 155 km long Bahia Gold Belt in the state of Bahia, in northeastern Brazil. For additional information, please see Desert Sun's website at www.desertsunmining.com.
longjonsilver
19 years ago
impressive presentation at the PDAC. this one could be real big, the ? mark is - can they bulk mine this deposit at reasonable cost or is there too much dead stuff between the workings of the garimpeiros? the company thinks that they can, the market isnt so sure. but hey, they own a LOT of land, all with workings of miners on it. the next target will tell us a lot, as will their earnings in the next quarter
hi ho hi ho
its off to work we go
jon
longjonsilver
19 years ago
this bunch is just about to mine real gold and this board is just DEAD! what gives guys? bob moriarity gave this one his green light but no action. hmmmmmm. well heres some news:
(think that this is important or what?)
Renowned Gold Expert Ferdinand Lips Joins Desert Sun Advisory Committee
Tuesday January 11, 12:10 pm ET
TORONTO, ONTARIO--(CCNMatthews - Jan. 11, 2005) - The Board of Directors of Desert Sun Mining Corp (TSX:DSM - News; AMEX:DEZ - News) is pleased to announce that Ferdinand Lips has joined the Company's Advisory Board. Mr. Lips is a well-known fund manager and is one of the world's foremost authorities on the gold market.
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Stan Bharti, P.Eng., Chairman of Desert Sun commented: "We are very pleased that Ferdinand Lips has joined the Advisory Board of Desert Sun Mining. His vast knowledge and experience will be an invaluable addition to the strong group of Advisors we have assembled."
Born in Switzerland, Ferdinand Lips has over 50 years experience in banking and finance. Over his career he has been Managing Director of Rothschild Bank AG, Zurich and Chief Executive Officer of his own Private Bank, in addition to a top-performing precious metals fund manager. With 30 years direct experience in the gold industry, Mr. Lips has served as a Director of Randgold & Exploration (JSE:RNG), Randgold Resources (LSE:RRS.L - News), and Durban Roodeport Deep (Nasdaq:DROOY - News). He is currently Chairman and manager of the Top-Gold Fund, based in the Principality of Liechtenstein.
Mr. Lips was a founding member of the Swiss Association of Security Analysts and is a trustee of FAME, Foundation for the Advancement of Monetary Education, based in New York. He has widely lectured on monetary history, bonds and stock markets.
In addition to Ferdinand Lips, the Desert Sun Advisory Board includes William Clarke, former Canadian Ambassador to Brazil, David Williamson, a mining and commodity analyst in London, UK, Dr. Rick Garnett, a geologist with over 40 years experience worldwide, and Dr. Chuck Thorman, a recognized expert in the geology of Brazil.
Desert Sun Mining is a Canadian gold exploration and development company listed on the Toronto Stock Exchange and the American Stock Exchange. Desert Sun owns 100% of the Jacobina Mine and the 155 km long Bahia Gold Belt in the state of Bahia, in northeastern Brazil. The mine will re-start operations in the first quarter of 2005. The SNC Lavalin Feasibility Study, completed in September 2003, indicates that the mine can produce at a rate of 102,000 ounces of gold per year at an average cash cost of US $189 per ounce.
As a result of the 2004 exploration program, both Measured and Indicated resources and Inferred resources have increased significantly. Current Measured and Indicated resources now total 24,800,000 tonnes @ 2.53 g/t Au containing 2,050,000 ounces of gold. Inferred Resources total 22,000,000 tonnes @ 2.61 g/t Au containing 1,900,000 ounces of gold. The company is in the process of updating its Reserve Estimate.
Desert Sun previously released (see press release of February 12, 2004 and report filed on SEDAR) the results of a scoping study by SRK Consulting that extended the SNC Lavalin Feasibility Study mine plan an additional 11 years by scheduling the potentially "mineable tonnes" resulting from the conversion of inferred resources based on historical data. SRK Consulting considered that Jacobina has the potential to deliver "economically mineable tonnes" containing 2 million recoverable ounces of gold and that the optimum production rate at Jacobina was likely 5,200 tonnes per day or 154,000 ounces of gold per year. While, it must be cautioned that the SRK study is not adequate to definitely confirm the economics of the inferred mineral resources, the 2004 drilling program has successfully upgraded a substantial amount of the existing inferred resource to the indicated category which can now form the basis for an expanded feasibility study. (www.desertsunmining.com).
Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements".
Contact:
Desert Sun Mining Corp.
John Carlesso
Phone: (416) 861-5881 or 1-866-477-0077
or
Desert Sun Mining Corp.
Kam Gill
Phone: (416) 861-0341 or 1-866-477-0077
Source: Desert Sun Mining Corp.
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