Engineer Gold Closes Tranche One of Private Placement
TSX VENTURE: EAU
Vancouver, B.C. - TheNewswire - July 5, 2019. Engineer Gold Mines Ltd. (TSXV:EAU) is pleased to announce that it has closed a tranche of its private placement, previously announced on June 5th, 2019. The final closing of the Private Placement will be on or before August 6, 2019.
The Company has raised gross proceeds of $559,000 through the issuance of 5,590,000 units ("Units") at a price of $0.10 per Unit. Each Unit is comprised of one common share and one-half of one share purchase warrant (a "Warrant"). Each whole Warrant is exercisable to purchase one common share of the Company at a price of $0.15 per share for a period of 30 months. All securities are subject to a four month hold period. The Company paid $43,120 in cash commissions and issued 431,200 broker Units. The proceeds will be used for the Phase 1 exploration program at the Engineer Gold Mine Property, 32 km west of Atlin in northern BC, and general working capital.
Phase I Surface and Underground Exploration Program
Engineer Gold is permitted and equipped to commence an exploration program at the Engineer Gold Mine Property entailing:
- Surface trenching
- 3,000 metres of surface and underground exploration drilling
- mine de-watering of 6 and 7 Level (8 Level pending)
- underground geological mapping and sampling
- test mining and bulk sampling
- on-site gravity milling and mill water discharge
New High-Grade and Bulk-Tonnage Gold Exploration Targets Defined
A 2018 step-out MMI survey and previous geophysical survey have defined extensions of two main gold-bearing shear structures, a large intrusive stock and a number of coincidental gold-silver-arsenic-antimony soil anomalies in the immediate mine area that have never been trenched or drill tested. Engineer Gold's surface exploration program will focus on these new targets.
Heavy Equipment and Drill on Site
In 2018 the Company purchased and barged a D6 Caterpillar bull dozer and 130 Samsung excavator, fuel and a diamond drill to the Engineer Gold mine site. The heavy equipment will be utilized to develop and re-open existing roads, trench soil geochemical anomalies and construct drill pads.
About Engineer Gold Mines Ltd.
Engineer Gold is a recently listed Company focused on the exploration and development of the 100%-owned, 14,020 ha Engineer Gold Mine Property, centered on the Historic high-grade Engineer Gold Mine situated 32 km southwest of Atlin, B.C. Previous work has identified a small, Inferred high-grade gold Mineral Resource, numerous high-grade vein and shear-hosted bulk-tonnage gold exploration targets and a small, high-grade gold production opportunity. Engineer Gold is fully permitted for surface and underground exploration drilling, small-scale test mining and on-site milling at the Engineer Gold Mine Property.
For additional information please visit the company website at www.engineergoldmines.com.
On behalf of the Board of Directors, For further information, please contact:
Mr. Brian P. Fowler, P.Geo. Nelson Da Silva
President and Director Manager Corporate Communications
Cautionary Note Regarding Forward-Looking Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Engineer Gold Mines Ltd. which may cause actual results, performance or achievements of Engineer Gold Mines Ltd. to be materially different from the results, performance or expectation implied by these forward looking statements. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.