TORONTO, Sept. 7, 2011 /CNW/ - Mukuba Resources Limited (TSX-V:MKU)
("Mukuba" or the "Company") is pleased to announce that it intends to
offer up to 20,000,000 common shares at a price of $0.15 per share on a
non-brokered private placement basis for aggregate gross proceeds of up
to $3,000,000 (the "Offering"). The Offering is intended to close on or
about September 15, 2011 or on such other date or dates as the Company
The Company intends to use the net proceeds from the Offering for
exploration of the Company's Northcore and Nyimba Projects in Zambia
and to begin to explore develop a copper and base metals project in the
Democratic Republic of the Congo.
About the Company
Mukuba is a Canadian mining company focused on the exploration and
development of the Northcore Project, which is located in the highly
prospective Central African Copperbelt region of Central Zambia. Mukuba
holds a 100% interest in the Northcore Project which is licensed for
both copper and cobalt and encompasses approximately 2,274 square km of
geologically prospective ground in the Domes Region of the Zambian
Copperbelt. Geological mapping, soil sampling and investigation of the
historical showings as well as ground-truthing of the geological
surveying results have confirmed existing historical geological
anomalies, and identified new anomalies. Encouraging intersections from
numerous boreholes during the Company's 2010 exploration program
confirmed the presence of copper mineralization.
Mukuba also has an exclusive Option Agreement between Lukusashi and
Lunga Resources Limited ("Lunga"), a wholly owned subsidiary of Mukuba
Resources Limited, to purchase an 85% interest in the Nyimba Project
license rights (see Press Release dated September 16, 2010) located
near the town of Nyimba approximately 300 km east of Lusaka, Zambia.
The Nyimba Project is well advanced and substantial exploration work
has been completed to date. The polymetallic deposits at Nyimba host
zinc, with copper, lead, molybdenum, silver and gold and were
systematically explored and partially drilled by Minex (Mindeco), a
Zambian government department in the late 1970's and early 1980's and
were later acquired by Rio Tinto-Zinc Corporation (RTZ-now Rio Tinto)
in 1994. Mukuba continues to assess historic exploration records which
indicate there are five defined areas of mineralization within the 500
square kilometre license area. The most prospective area appears to be
Chipirinyuma, where soil sampling by Minex and Rio Tinto defined a
surface anomaly measuring 3.5 km by 1.2 km and drilling by Mukuba
confirmed base metal mineralization.
Securities regulators encourage companies to disclose forward-looking
information to help investors understand a company's future prospects.
This press release contains statements about our future business and
planned activities. These are "forward-looking" because we have used
what we know and expect today to make a statement about the future.
Forward-looking statements usually include words such as may, intend,
plan, expect, anticipate, believe or other similar words. We believe
the expectations reflected in these forward-looking statements are
reasonable. However, actual events and results could be substantially
different because of the risks and uncertainties associated with our
business or events that happen after the date of this press release.
You should not place undue reliance on forward-looking statements. As a
general policy, we do not update forward-looking statements except as
required by securities laws and regulations.
SOURCE Mukuba Resources Limited
For further information:
Trevor Richardson, President and Chief Executive Officer
Tel: +1 (416) 918 2242; Fax: +1 (416) 603 9200; Email: email@example.com