VANCOUVER, June 29, 2011 /CNW/ - Beanstalk Capital Inc. (the "Company"), a capital pool company, is pleased to announce that the
Filing Statement required by the TSX Venture Exchange (the "Exchange")
to be prepared regarding the proposed qualifying transaction has been
filed and is available for viewing under the Company's profile on SEDAR
The Company also advises that it plans to close the acquisition of the
Elk Gold Project located within the Similkameen Mining District on or
about July 12, 2011. Completion of the qualifying transaction is still
subject to a number of conditions, including (a) completion by the
Company of a private placement to raise aggregate gross proceeds of up
to $7,502,500; and (b) Exchange approval. There is no assurance that
the transaction will be completed as proposed or at all.
The Elk Property is located in southern British Columbia, Canada roughly
325 km northeast of Vancouver and 55 km west of Okanagan Lake,
approximately midway between the towns of Merritt and Peachland. The
property is within the Similkameen Mining District and consists of 27
contiguous mineral claims and one mining lease covering 16,566
hectares. Except for the Agur Option block, the Company is acquiring
100% interest in all of the claims.
Prospecting activities date back to the early 1900s but detailed work in
the area began in 1960s and 1970s by several companies who focused on
copper and molybdenum. Fairfield Minerals investigated the area for
gold in 1986. Approximately 51,500 ounces of gold were produced between
1992 and 1995 from a test pit and underground mining exploration. As
reported in the Company's News Release dated February 16, 2011 the Elk
Property has a measured and indicated resource of 301,000 ounces of
gold and an inferred resource of 263,000 ounces of gold. The Company
intends to carry out further exploration work this summer with the goal
of increasing the gold resource of the property to a point where a
production decision can be made.
The TSX Venture Exchange Inc. has in no way passed upon the merits of
the proposed transaction and has neither approved nor disapproved the
contents of this press release.
ON BEHALF OF THE BOARD
Rod Shier, Chief Financial Officer
Neither the 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.
SOURCE Beanstalk Capital Inc.
For further information:
Rodney Shier, Chief Financial Officer
Telephone: 604-558-4653 ext 222, Fax: 604-682-2993
Address: Suite 1700-700 West Pender Street, Vancouver, British Columbia V6C 1G8