VANCOUVER, Nov. 13 /CNW/ - Pebble Creek Mining Ltd. (the "Company")
announces the following:
On November 7 the Company and its wholly-owned Indian subsidiary, Adi
Gold Mining Pvt. Ltd. ("Adi"), engaged Ernst & Young Pvt. Ltd. to advise and
assist in assembling up to $10 million for its Askot project. The engagement
will be for a placement of a minority interest in Adi with institutional
investors based in India. The Company expects the placement to be at a premium
to the current market capitalization of Pebble Creek.
Funds will be used for additional drilling and a feasibility study on
Adi's wholly-owned Askot copper and zinc property. The placement will be
subject to a shareholders' agreement entitling Adi shareholders to subscribe
to further assessments in order to maintain their relative interests. Adi will
transfer its other mineral assets to a new wholly-owned subsidiary of the
The foregoing is subject to the approval of the TSX Venture Exchange.
Pebble Creek is an exploration company focused on India and has
twelve years experience in the country. Askot is a volcanogenic massive
sulphide deposit of copper, zinc, silver, gold and lead located in
Uttarakhand, India. In September the Government of India's Ministry of Mines
approved Adi's application for a Mining Lease at Askot. The Company believes
this is one of the first to be issued to a foreign-owned company in the base
and precious metals sector. Drilling is continuing at Askot. The Company will
continue to release assay results as a meaningful picture develops.
On Behalf of the Board
Andrew E. Nevin, P.Eng.
President and CEO
Forward-Looking Statements. This news release contains forward-looking
statements, which address future events and conditions, which are subject to
various risks and uncertainties. The Company's actual results, programs and
financial position could differ materially from those anticipated in such
forward-looking statements as a result of numerous factors, some of which may
be beyond the Company's control. These factors include: the availability of
funds; the timing and content of work programs; results of exploration
activities and development of mineral properties; the interpretation of
drilling results and other geological data, the uncertainties of resource and
reserve estimations, receipt and security of mineral property titles; project
cost overruns or unanticipated costs and expenses, fluctuations in metal
prices; currency fluctuations; and general market and industry conditions.
Forward-looking statements are based on the expectations and opinions of
the Company's management on the date the statements are made. The assumptions
used in the preparation of such statements, although considered reasonable at
the time of preparation, may prove to be imprecise and, as such undue reliance
should not be placed on forward-looking statements.
"The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release."
For further information:
For further information: Andrew E. Nevin, President & CEO, Telephone:
(604) 250-1795; Mike Romanik, Investor Relations, Verenex Capital Corp.,
Telephone: (204) 724-0613