Acero-Martin Announces Closing
Of First Tranche Of Non-Brokered Private
Placement
April 2nd, 2008
Vancouver,
BC
Acero-Martin Exploration Inc. (TSX-V: ASD; Frankfurt: AMX)
(“Acero-Martin” or the
“Company”) announces that, further to its news release dated
February 29, 2008, it has closed the first tranche
of its non-brokered private placement, issuing a total of 3,554,000 Units
at a price of $0.25 per Unit for a gross proceeds of $888,500.
Each Unit consists of
one common share of the Company (“Share”) and one share
purchase warrant (“Warrant”). Each warrant entitles the
holder to purchase one Share of the Company for a period of 24 months after
the closing date at a price of $0.35 per Share for the first 12 months and
at a price of $0.50 per Share for the next 12 months thereafter.
In connection with the
closing of the first tranche, the Company has
paid cash finders’ fees in the amount of $71,400. All of the
securities issued pursuant to the private placement, including any shares
issued on the exercise of warrants, are subject to a four-month hold period
expiring August 3rd, 2008.
The Company has stated
its intention to raise a total of $1,500,000 through the private placement
of 6,000,000 Units. The closing of a subsequent tranche
is anticipated to follow.
The proceeds of the
private placement will be used for the continued exploration and
development of the Pinaya gold-copper project in
southern Peru
and for general working capital purposes.
The
Company also announces that it has received acceptance by the TSX Venture
Exchange to re-price a total of 3,349,091 warrants, which expire on
December 1st, 2008, from $0.50 to $0.25. The Warrants were issued on
November 30th, 2007 as part of a private placement.
About Acero-Martin
Exploration Inc.
Acero Martin’s 100%-owned Pinaya project hosts one of Peru’s newest and richest
copper-gold porphyry/skarn deposits. The project
is located 110 km
northeast of Arequipa
and approximately 60
kilometers south of Xstrata’s Tintaya
copper-gold mine, and is favoured with excellent nearby mining
infrastructure.
In September of 2006,
based on the first 70 holes drilled, an initial independently calculated NI
43-101 resource estimated that Pinaya hosts an
Indicated Resource of 29.13 million tonnes grading 0.53 g/t gold and 0.42%
copper and an Inferred Resource of 12.72 million tonnes grading 0.41 g/t
gold and 0.41% copper. This equates to approximately 498,000 troy
ounces of gold and 269,000,000 pounds of copper in the
Indicated category, and 168,000 troy ounces of gold and 115,000,000 pounds
of copper in the Inferred.
As of March 2008, the
Company has completed an additional 79 holes bringing the project total to 40,900 meters and
149 holes. Drilling since the release of the initial resource
continues to work to expand the size of the deposit and test new zones of
mineralization. Alongside the drilling the company is currently completing
a preliminary economic assessment (“scoping study”) to
determine the potential for, and economic parameters of, developing a
starter open pit mining operation. Acero-Martin trades on the
TSX-Venture exchange under the symbol ASD and the Frankfurt
stock exchange under the symbol AMX.
For further information, contact us at
1 877 646 0067
Email: info@acero-martin.com or visit our website http://www.acero-martin.com
The technical
information in this news release has been prepared in accordance with the
Canadian regulatory requirements set out in National Instrument 43- 101 and
reviewed on behalf of the Company by Cary Pothorin, P.Geo,
Acero-Martin’s Vice President of Exploration, a qualified person.
ON BEHALF OF
THE BOARD OF DIRECTORS
“Donald
Gee”
Donald Gee
Director
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