ADDITIONAL DRILLING PLANNED AT MOYIE ZINC/SILVER/LEAD PROJECT
TSX VENTURE SEM
VANCOUVER, Oct. 18 /CNW/ - (TSX.V: SEM) Rolly Trenaman, President
announces the Company's non-brokered private placement of flow-through units
reported in our news release of October 9, 2007 has been approved by the TSX
Venture Exchange and has closed.
A total of 1.578 million flow-through units were sold resulting in gross
proceeds to the company of $189,360. Each unit consists of one common share of
the company and one-half of one non-transferable common share purchase
warrant. Each full warrant will be exercisable to acquire one additional share
for a period of 12 months from closing date. These warrants will expire on
October 15, 2008. A finder's fee of 118,350 common shares of the Company and
157,800 agent's warrants exercisable at 15 cents for a period of 12 months
from date of closing of the private placement will be paid. The agent's
warrants will expire on October 15, 2008. These securities shall be subject to
a hold period of four months and can not be traded until February 16, 2007.
The gross proceeds from the flow-through financing will be used to drill
a further approximately 850 metres in four holes at the Company's Moyie
zinc/silver/lead project, 20 kms south of Cranbrook, BC. Information from
these holes will allow to the Company to make a decision on underground
development, the next logical step in defining the magnitude of the
zinc/lead/silver mineralized zones identified in two earlier drill campaigns
on Company's Society Girl target.
The Moyie Project is located in an historic metal mining district, which
stretches from Idaho's Coeur d'Alene silver/lead mining camp to BC's
150-million-ton Sullivan zinc/silver/lead mine. Zinc/silver/lead ores have
been continuously produced from this area for more than 110 years. From
1900-1911, the St. Eugene Mines reportedly produced approximately 1.4 million
tons of ore grading 5% zinc, 15% lead and 7 opt silver from three main ore
shoots - Lakeshore, Moyie and St. Eugene.
This press release does not constitute an offer to sell, or a
solicitation of an offer to sell, any of the foregoing securities in the
United States. None of the foregoing securities have been and, nor will they
be, registered under the United States Securities Act of 1933, as amended (the
"U.S. Securities Act") or any state securities laws and may not be offered or
sold within the United States or to U.S. Persons unless registered under the
U.S. Securities Act and applicable state securities laws or an exemption from
such registration is available.
For further details on the Company, please refer to the Company's website
www.steugenemining.ca, and its Canadian regulatory filings on SEDAR at
On Behalf of the Board of Directors of
ST. EUGENE MINING CORPORATION LIMITED
"R. T. Trenaman"
President and CEO
Roland T. Trenaman, P.Eng., serves the Board of Directors of the Company
as an internal, technically qualified person. Technical information in this
news release has been prepared in accordance with Canadian regulatory
requirements set out in National Instrument 43-101 and reviewed by Mr.
Trenaman. This news release was prepared by Management, which takes full
responsibility for content. The TSX Venture has not reviewed and does not
accept responsibility for the adequacy or accuracy of this release.
Forward-looking statements in this release are made pursuant to the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and uncertainties
that may cause the Company's actual future-period results to differ materially
For further information:
For further information: R. T. Trenaman at (604) 669-5775, Email:
email@example.com; Kirsti Mattson at (604) 202-2484, Email:
firstname.lastname@example.org - media