BCM Resources Corporation Announces Non-Brokered Private Placement
18 March 2011 - 5:09PM
Marketwired
BCM Resources Corporation (TSX VENTURE: B), the "Company" announces
a non-brokered private placement financing for proceeds of up to
C$1,200,000 by issuance of up to 3,000,000 million common shares
priced at $0.40 per common share.
Proceeds will be used to resume diamond drilling exploration
work at the Company's Shan South molybdenum (Mo) discovery and for
general working capital purposes.
The 100%-owned Shan South property has significant potential for
near-surface Mo mineralization. Geochemical work has identified
anomalous Mo values over a 2 x 4 km area and rock samples collected
from within this area have returned grades of up to 0.88% Mo. Two
separate aeromagnetic surveys have identified a number of anomalous
features that may be indicative of Mo mineralization.
To date the Company has conducted approximately 10,000 metres of
diamond-drilling to test the Las Margaritas, Camp, and Triangle
zones on the Shan South property. Significant intercepts were
encountered in all three zones and all holes drilled to date at the
Las Margaritas and Camp Zones have encountered visible molybdenum
mineralization. All but five of the thirty-six holes completed to
date at these two zones contained sample intervals with values of
at least 0.06% Mo.
Most of the previous drilling tested the Las Margaritas
discovery zone, which lies near the centre of the 2 by 4 km
mineralized area.
Significant drill intercepts from the Las Margaritas zone
include the following:
-- Hole # 1 - 59.65 metres with an average grade of 0.118% Mo, including
20.8 metres of 0.189% Mo. Mineralization started at approx. 18 metres
below surface.
-- Hole # 7 - 122.8 metres with an average grade of 0.107% Mo, including
36.6 metres of 0.183% Mo. Mineralization started approx. 29 metres below
surface.
-- Hole # 27 - 190.6 metres with an average grade of 0.103% Mo, including
106.1 metres with an average grade of 0.119% Mo (111.4-217.5 metres
depth). This hole bottomed in excellent grade molybdenum 250 metres
below surface (true depth), 17.35 metres, with an average grade of
0.155% Mo.
The Mo mineralization identified to date is open in all
directions and to depth. Of particular interest is a 1930s vintage
underground adit, the portal of which lies approx.1500m northeast
of the Las Margaritas discovery zone and about 500 metres
vertically below. Historical records of previous work in this adit
(circa 1935, predating NI 43-101) report numerous quartz veins with
visible molybdenum and containing assay values of up to 0.42% Mo.
In 2007, rock samples collected by Company geologists from dumps
adjacent to the adit portal returned assay values of up to 0.29%
Mo.
A key advantage of the Shan South property is its excellent
access to infrastructure. Alongside the eastern flank of the
property are a major highway (Hwy 16), waterway and
transcontinental railway with direct rail access to the nearby
deepwater ports of Kitimat (80 km) and Prince Rupert (163 km). A
network of logging roads connecting to Hwy 16 run throughout the
property area and high-powered transmission lines are within 4 km.
A skilled work-force is readily available in nearby Terrace, a
community which welcomes mineral exploration and mine
development.
Certain insiders and affiliates may be participating in the
private placement. As a part of this participation there will be a
cross of shares.
The private placement is subject to regulatory approval and all
common shares issued will be subject to a four-month hold period
from the date of issuance. Finder's fees may be payable in
connection with this transaction.
The technical content of this news release has been reviewed by
N.C. Carter Ph.D, P.Eng., Geological Advisor to BCM Resources
Corp., and a Qualified Person as defined by National Instrument
43-101.
About BCM Resources Corporation
BCM Resources Corp. is a Vancouver-based mineral exploration
company, dedicated to advancing its Shan South molybdenum discovery
into an economic deposit. Additionally, the Company has a
significant land package of 100% owned mineral claims comprising
another five, highly-prospective, molybdenum and other base &
precious metals exploration properties located near Terrace,
B.C.
On Behalf of the Board of Directors:
Dale McClanaghan, President & CEO
Some statements in this news release contain forward-looking
information. These statements include, but are not limited to,
statements with respect to future payments, expenditures and unit
issuances and exploration, development and production activities.
These statements address future events and conditions and, as such,
involve known and unknown risks, uncertainties and other factors,
which may cause the actual results, performance or achievements to
be materially different from any future results, performance or
achievements expressed or implied by the statements. Such factors
include, among others, the timing of future payments, expenditures
and unit issuances and the timing and success of future
exploration, development and production activities.
This news release and the information contained herein does not
constitute an offer of securities for sale in the United States and
securities may not be offered or sold in the United States absent
registration or exemption from registration.
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.
Contacts: BCM Resources Corporation Deborah Goldbloom, Investor
Relations 1 (604) 646-0144, ext. 223 Toll Free: 1 (888) 646-0144,
ext 223 info@bcmresources.com www.bcmresources.com
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