BCM Resources Corporation (TSX-V: B) is pleased to announce, subject to regulatory approval, a non-brokered private placement of flow through shares and units expected to raise up to $2,000,000 in flow-through dollars at a price of $0.90 per share and up to $750,000 in units consisting of one common share and one half of a share purchase warrant at $0.80 per unit. One whole warrant plus $1.00 will entitle the holder to purchase one common share for a period of one year. Finder's fees of 7.5% cash and 8% in common shares will be payable.
The funds will be used to follow-up on the successful Phase One discovery at the highly prospective Shan moly property near Terrace, BC. Construction of winter camp for the Phase 2 drilling has commenced. The exploration program will consist of 14 drill holes totaling 4,600 meters and is scheduled to commence mid-March.
The Phase 2 program encompasses the following: 1) testing the area of known mineralization at depth, 2) in-fill drilling, 3) testing lateral extension and 4) evaluating the "Climax Moly" deposit model. (Refer to Company's web site for technical details.)
The first holes of the Company's Phase 2 exploration program will test the moly mineralization to depth under the discovery Holes 1 and 7 from the initial drill program. The results from those two holes included near-surface moly grades of 59.7 meters of 0.118% Mo and 112.8 meters of 0.107% Mo, respectively.
Contact:
Dale McClanaghan
President & CEO
604.646.0144
www.bcmresources.com
To receive BCM Resources news releases by e-mail, contact CEO & President Dale McClanaghan at d.mcclan@bcmresources.com or call (604)646-0144.The TSX has neither approved nor disapproved of the information contained herein.
Forward Looking Statements: Statements in this news release are forward-looking statements .Forward-looking statements include without limitation, statements regarding the company's plans, goals or objectives and future completion of mine feasibility studies, mine development programs, capital and operating costs, production, potential mineralization and reserves, exploration results and future plans and objectives of BCM. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may," "will,", "expect," "intend," "estimate," "anticipate," "believe," or "continues" or the negative thereof or variations thereon or similar terminology. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from expectations include risks associated with mining generally and pre-development stage projects in particular including but not limited to changes in general economic conditions, litigation, legislative, environmental and other judicial, regulatory, technological and operational difficulties, labor relations matters, foreign exchange costs & rates. Potential investors should conduct their own investigations as to the suitability of investing in securities of BCM.