TORONTO, Oct. 17, 2012 /CNW/ - Parkside Resources Corporation (TSX-V: PKS) ("Parkside Resources" or the "Company"), a gold exploration company active near Pickle Lake in northwest Ontario, is pleased to provide the following corporate update for its shareholders.
Parkside Resources' summer / fall exploration program is well underway. With the proceeds from the private placement that closed in August 2012 Parkside commenced on a 145 kilometre line cutting and ground geomagnetic survey program on the central portion of Parkside's 10,750 acre property in northwest Ontario, 35 kilometres southeast of Goldcorp's Musselwhite Mine. The line cutting work has been completed, with the ground geomagnetic survey anticipated to be finished within a week. With the results and data from the current exploration program, combined with the data from 78 historic drill holes, totaling 8,236 metres, as well as the previous aeromagnetic and ground geomagnetic surveys completed, Parkside will compile the information into a Geographic Information System ("GIS") database to help determine future targets for a budgeted 1,500 metre winter 2013 drill program.
The management of Parkside Resources is pleased to announce that it has commenced discussions with the Mishkeegogamang and North Caribou First Nations. Parkside is committed to building and maintaining a strong and positive working relationship with the First Nations communities as it plans future exploration work on its Forester Lake property. The Company is scheduling visits to the two First Nations communities in the next few months, following initial meetings held in Toronto in August and September.
Parkside Resources is continuing to market its Secondary Offering, brokered by Macquarie Private Wealth Inc., to raise $789,000, comprised of issuing 3,000,000 Non-Flow-Through ("NFT") Units at $0.10 and 4,075,000 Flow-Through ("FT") Units at $0.12. Both the NFT and FT Units come with a full Warrant with an exercise price of $0.20 for a 30 month period from the closing date of the private placement financing, which is projected to be on, or before, October 29, 2012.
Finally, following the listing of its common shares on the TSX Venture Exchange on August 20, 2012 Parkside Resources had the pleasure of opening the TSX on September 25, 2012. Management, directors, friends, family and fellow shareholders participated in the listing ceremony. A photograph of the listing ceremony can be viewed on the TSX website at http://www.tmx.com/en/images/highRes/September25-2012.jpg.
About Parkside Resources Corporation
Parkside Resources Corporation is a Canadian based mineral exploration company dedicated to building shareholder value through focused exploration, discovery and development of high quality precious and base metal projects. The Company has entered into an Option and Joint Venture Agreement with Benton Resources Corporation to explore the Forester Lake Gold Property which is located approximately 100km north of Pickle Lake, Ontario and roughly 35km southeast of Goldcorp's Musselwhite Gold Mine. Incorporated in 2005 Parkside Resources Corporation is a reporting issuer in the provinces of British Columbia and Alberta, the common shares of which are listed for trading on the TSX Venture Exchange under the symbol TSX-V: PKS.
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: Parkside Resources Corporation
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