MR. STEVEN CHI APPOINTED TO BOARD OF DIRECTORS PRIVATE PLACEMENT FINANCING ARRANGED
Vancouver, BC - The Company is pleased to announce the appointment of Mr. Steven Chi to the board of directors. Mr. Steven Chi is a mining engineer with a distinguished career as an executive for the international mining and construction giant, Washington Group International (formerly Morrison Knudsen Company). Mr. Chi currently serves on the board of administrators for a large bucket wheel lignite mine and power plant complex in Leipzig, Germany. Mr. Chi has extensive experience and contacts in all aspects of mining and development including gold and precious metals mining. Mr. Chi served on the board of NASDAQ listed MK Gold Company.
In addition, the Company has agreed with certain investors, subject to regulatory approval, to complete a private placement of up to 1.25 million units in the Company at $0.40 per unit, each unit consisting of one common share and one share purchase warrant. The warrants are exercisable by the holder on the basis of two warrants and $0.50 for one common share for a period of one year. It is anticipated that finders’ fees, payable in units of the Company, will be paid in conjunction with the financing. The Company is preparing to file an Annual Information Form and accordingly, investors will be entitled to a four month hold period on units purchased in this placement. Proceeds from the financing will be used to evaluate mining and exploration prospects in China and Peru and for general working capital.
On behalf of the Board
"Andrew Bowering"
President
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