Drilling Commenced on Dejour's Athabasca Uranium Projects; Closes Second Tranche of Private Placement; Grants Stock Options
11 April 2006 - 5:40AM
PR Newswire (US)
Dejour Enterprises Ltd. (TSX-V: DJE/OTC:DJEEF) Shares Issued:
48,177,041 Last Close: 4/07/2006 - CDN $2.41 VANCOUVER, April 10
/PRNewswire-FirstCall/ -- Robert L. Hodgkinson, Chairman & CEO,
is pleased to announce that diamond drilling has commenced on the
Company's 100% owned Athabasca Basin uranium projects in the
Athabasca Basin, Northern Saskatchewan Canada. The Company's
holdings in the Basin comprise nearly 1,000,000 acres (391,000
hectares) contained within 15 Projects. The Company has a total of
68 claims and 4 permits. Athabasca Basin Drilling Underway The
Company reports that Hy-Tech Drilling collared the first drill hole
on Sunday, April 9, 2006. Hy-Tech is contracted to carry out 5000
metres of drilling to test targets on the Company's R-Seven,
Meanwell Lake and Sand Hill Lake properties. The targets are
defined by Dejour's airborne and ground geophysical work carried
out in 2005 and 2006. Drill holes will also test anomalous
radioactivity and sandstone alteration intersected during drilling
by previous operators. The helicopter supported drilling programme
is expected to finish in late May 2006 with results anticipated the
following month. Sufficient aviation fuel and diesel has also been
brought in and stored on site to carry out additional drilling and
ground geophysics during Dejour's summer exploration program
consisting of: - Ground geophysics to follow up airborne EM
anomalies; - 3000+ kilometres of airborne EM surveying to test
properties not surveyed in 2005 and to test and extend the
anomalies on ground that Dejour staked in 2005 as a result of the
2005 deep penetrating Megatem surveys; - Boulder lithogeochemical
surveys to follow up on anomalous results from the 2005 sampling
programme; - State of the art deep penetrating ground geophysics to
test the prospective but deep Virgin Trend North property; and, -
Additional diamond drilling J. Allan McNutt, P. Geo., M.A. Sc., is
the qualified person for Dejour's uranium projects. Private
Placement The Company has closed the second tranche of its units
financing, previously announced on March 31, 2006 raising gross
proceeds of CDN $3,155,000. Pursuant to the terms of the Offering,
the Company has sold 2,103,333 units @ $1.50 per share. Each unit
comprises one common share and one half common share purchase
warrant. Each whole warrant is exercisable into one common share at
$1.65 per share until December 31, 2007. The Company has the right
to trigger early exercise of the warrants should the closing price
of the Company shares be equal to or exceed $2.50 for seven
consecutive trading days. Total gross proceeds raised in the first
and second tranches totaled $4,175,000. The Closing of private
placement is subject to regulatory approval and Exchange
acceptance. Dejour enters the 2nd quarter of 2006 with
approximately CDN $23 million in cash to direct to its high impact
energy based exploration projects. Of this, the Company has $10
million to be allocated towards Canadian exploration expenditures
targeting uranium and oil & gas. The remaining $13 million is
earmarked for working capital and strategic acquisition. The
Company is free of debt. Stock Options Granted The Company
announces it wishes to grant, pursuant to its stock option plan and
subject to exchange approval, stock options to purchase up to
1,300,000 shares at a price of $2.10 per share to certain
directors, officers, project managers and investor relations
consultants. These options are subject to certain vesting
provisions and four month hold. About Dejour Dejour Enterprises
Ltd. is a Canadian energy company focused on exploration and
development of uranium and oil & gas while leveraging
opportunities that exist as a result of the global market's
decreasing conventional supply and increasing demand for energy.
The Company is listed on the TSX Venture Exchange under the symbol
(DJE.V). Refer to http://www.dejour.com/ for company details or
contact the Office of Investor Relations at The TSX Venture
Exchange does not accept responsibility for the adequacy or
accuracy of this news release. Statements in this release that are
forward-looking statements are subject to various risks and
uncertainties concerning the specific factors disclosed under the
heading "Risk Factors" and elsewhere in the Corporations' periodic
filings with Canadian securities regulators. Such information
contained herein represents management's best judgment as of the
date hereof based on information currently available. The
corporation does not assume the obligation to update any
forward-looking statement. Robert L. Hodgkinson, Chairman & CEO
DEJOUR ENTERPRISES LTD., Suite 1100-808 West Hastings Street,
Vancouver, BC V6C 2X4 Phone: (604) 638-5050 Facsimile: (604)
638-5051 Email: DATASOURCE: Dejour Enterprises Ltd. CONTACT: Robert
L. Hodgkinson, Chairman & CEO, DEJOUR ENTERPRISES LTD., Suite
1100-808 West Hastings Street, Vancouver, BC V6C 2X4, Phone: (604)
638-5050, Facsimile: (604) 638-5051, Email:
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