Africa West Minerals Corp

Published : June 10th, 2010

Advance Gold Announces Financing

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Advance Gold Announces Financing

Advance Gold Corp. (the "Company") is pleased to announce that it is arranging a non-brokered private placement, subject to regulatory approval, of up to 5,000,000 units (the "Units") at a price of $0.06 per Unit for aggregate proceeds of up to $300,000. Each Unit will consist of one common share of the Company and one-half of one non-transferable share purchase warrant, each whole warrant entitling the holder to purchase an additional common share at a price of $0.10 per share for a period of 12 months from the completion of the offering, subject to accelerated expiry in certain circumstances.

Finder's fees and warrants in amounts yet to be determined may be paid to persons who introduce the Company to investors.

Shares acquired by the placees, and shares which may be acquired upon the exercise of the share purchase warrants, will be subject to a hold period of four months plus one day from the date of completion of the financing in accordance with applicable securities legislation. The proceeds of the private placement will be used to advance the Company's mineral exploration projects.


For additional information, please contact:
James T. Gillis, President
Telephone: (250) 314-0186

Jeffrey S. Ackert, VP Business Development and Exploration
Telephone: (613) 851-7699

This news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change, except as required by law.

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 news release.


THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

You can also view this News Release on our website at:
http://www.advancegold.ca/s/NewsReleases.asp?ReportID=404375

Africa West Minerals Corp

EXPLORATION STAGE
CODE : AFW.V
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Africa West Minerals is a gold and copper development stage company based in Canada.

Its main exploration properties are ROSTERMAN, UGUNJA, SOTIK, NGIRA MIGORI and BUKURA & SIGALAGALA in Kenya, KANWEAKEN in Liberia and NYAKAGWE in Tanzania.

Africa West Minerals is listed in Canada. Its market capitalisation is CA$ 3.8 millions as of today (US$ 3.7 millions, € 2.8 millions).

Its stock quote reached its highest recent level on February 08, 2008 at CA$ 0.28, and its lowest recent point on August 28, 2009 at CA$ 0.03.

Africa West Minerals has 42 138 000 shares outstanding.

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Project news of Africa West Minerals Corp
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Corporate news of Africa West Minerals Corp
6/10/2010Advance Gold Announces Financing
10/9/2009Announces Financing
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TSX-V (AFW.V)
0.0900
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CA$ 0.090
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