Stratabound announces production loan facility for CNE and expanded gravity survey on Commander
SB: TSX Venture Exchange
Issued: 75,887,611 shares
CALGARY, Nov. 21, 2012 /CNW/ - Stratabound Minerals Corp. (TSXV: SB) announces that it has entered into an unsecured loan facility with a private company controlled by its largest shareholder. Up to $1,400,000 is available to the Company to assist primarily in the development of its CNE zinc-silver-lead deposit near Bathurst, New Brunswick. While the Company is still awaiting final permitting, some pre-development work has already been undertaken.
The loan carries interest at 6% and is repayable on June 30, 2013, subject to being repaid earlier out of the proceeds from the mine operations. The Company will, subject to regulatory approval, issue 2,000,000 warrants as additional consideration. Each warrant is exercisable at $0.20 for a period of 3 years.
A gravity survey is underway on the optioned Commander property which adjoins the north boundary of Stratabound's CNE/Captain claim groups. This survey will extend the gravity coverage southward along strike for 900 metres beyond a recently drilled hole that assayed 2.0% copper, 0.5 g/t gold and 7.5 g/t silver along a core length of 11.0 metres (news release dated November 1, 2012).
The technical information contained in this release has been reviewed by John Duncan, P.Geo. and Stan Stricker, P.Geol., Qualified Persons as defined in National Instrument 43-101.
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.
WARNING: the Company relies upon litigation protection for "forward looking" statements. The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary materially include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
SOURCE: Stratabound Minerals Corp.For further information: