PINNACLE REVISES SIZE AND TERMS OF PRIVATE PLACEMENT
Paul Saxton, President and CEO of Pinnacle Mines Ltd. (the "Company") announces the following revision to the brokered private placement announced on August 8, 2007 with PI Financial Corp. The Company will now issue 4,000,000 flow through units (“FT Units”) at $0.50 per FT Unit, for gross proceeds of up to $2,000,000. Each FT Unit shall consist of one flow through common share and one half of one transferable common share purchase warrant, with each whole such warrant exercisable into one additional common share of the Company at an exercise price of $1.00 for a period of eighteen months from closing. All other terms of the private placement remain the same as previously announced.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities act of 1933, as amended (the "U.S. Securities Act) or any state securities laws and may not be offered or sold within the United States or to a U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Pinnacle Mines is a Canadian based mineral exploration and development company with assets in Canada and Mexico. 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 Mexico, Pinnacle has options to acquire and is currently exploring several copper-gold-silver targets located within the states of both Oaxaca and Puebla.
For further information contact Andrew Bowering, Vice President Finance or John Van Duzen at 604-688-7377 or visit Pinnacle’s website at www.pinnaclemines.com.
On behalf of the Board of Directors
“Paul Saxton”
President & 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.