Canuc Resources Corporation - $500,000 Flow-Through Financing
19 Oktober 2011 - 10:16AM
PR Newswire (Canada)
TSX Venture Exchange Symbol: CDA Shares Outstanding: 59,735,798
TORONTO, Oct. 21, 2011 /CNW/ - Canuc Resources Corporation
(Canuc or the Company) intends to raise $500,000 in a non-brokered
flow-through private placement priced at $0.25 per flow-through
common share. Pursuant to regulatory requirements, the common
shares issued will be subject to a four-month hold. The proceeds of
the financing will be used to fund the Company's exploration
program on the Mill Village gold property located near Liverpool,
Nova Scotia. The closing of the financing is subject to the
approval of the TSX Venture exchange. The Mill Village gold
property consists of 31 contiguous claims totalling 501.8 hectares
and is located approximately 13 km southwest from the town of
Liverpool Nova Scotia, Canada. The property is accessible by paved
all weather road and is proximal to mining infrastructure and
services that will be required. More importantly, the property has
seen previous production, hosts numerous gold occurrences including
significant drill hole intersections and has a ventilation shaft
and underground workings which were dewatered and rehabilitated in
2001. About Canuc Canuc is a junior mining exploration company with
its principal properties located in Ecuador and Nova Scotia.
Canuc's main holding is an approximate 85% interest in the Nambija
Gold deposit located in south-eastern Ecuador. According to
records obtained from the Central Bank of Ecuador, it is estimated
that, to date, nearly 3 million ounces of gold have been produced
using the most primitive of mining and milling recovery processes
from the Nambija area. 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 of this release. Forward-Looking Statements This news
release contains forward-looking statements that include risks and
uncertainties. When used in this news release, the words
"estimate", "project", "anticipate", "expect", "intend", "believe",
"hope", "may" and similar expressions, as well as "will", "shall"
and other indications of future tense, are intended to identify
forward-looking statements. The forward-looking statements are
based on current expectations and apply only as of the date on
which they were made. The factors that could cause actual results
to differ materially from those indicated in such forward-looking
statements include changes in the prevailing price of gold, the
Canadian-United States exchange rate, grade of ore mined and
unforeseen difficulties in mining operations that could affect
revenues and production costs. Other factors such as uncertainties
regarding government regulations could also affect the results.
Other risks may be set out in Annual Reports. Canuc Resources
Corporation CONTACT: Gary Lohman, President & Hubert Mockler,
ExecutiveCEO Vice Chairman416-867-1300
416-416-867-1300glohman@canucresources.ca
hmockler@canucresources.ca
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