PRIVATE PLACEMENT CLOSED
Vancouver, BC Pinnacle Mines Ltd. has closed its private placement of 353,117 units of the Company at the price of $0.85 per unit, each unit consisting of one common share and one non-transferable warrant, every two warrants entitling the holder to purchase one additional share of the Company at a price of $1.00 per share for the first year and $1.20 per share for the second year, until February 1, 2008. The shares and any shares issued upon exercise of the warrants are subject to a hold period and may not be traded in British Columbia until June 2, 2006 except as permitted by the Securities Act and the Rules made thereunder and the TSX Venture Exchange.
In consideration of arranging the private placement, 664991 B.C. Limited received a finder's fee of $12,499.97 paid in cash.
Pinnacle Mines Ltd. is a Canadian based mineral exploration and development company whose primary assets are located in both Canada and China. In Canada, Pinnacle holds several properties in Northwestern British Columbia, in proximity to numerous past and producing mines including the Silbak-Premier Mine and Barrick Gold’s famed Eskay Creek Mine. In China, Pinnacle’s current focus is in Southeast Yunnan, an area being increasingly considered for its potential to host significant mineral resources including “Carlin” style gold deposits.
For further information contact Andrew Bowering, President, at 604-688-7377 or visit Pinnacle’s website at http://www.pinnaclemines.com/.
On behalf of the Board of Directors
“Andrew W. Bowering”
President and CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or the accuracy of the content of this news release.