Acero-Martin
Announces Non-Brokered Private Placement
February 29th, 2008
Vancouver, BC
Acero-Martin
Exploration Inc. (the “Company” or “Acero-Martin”) announces
that it intends to complete a non-brokered private placement to raise up to
$1.5 million dollars by the issuance of up to 6,000,000 Units priced at
$0.25 per Unit. Each Unit will consist of one common share of the
Company (“Share”) and one share purchase warrant
(“Warrant”). Each Warrant will entitle the Investor 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.
Shares issued pursuant
to the private placement, as well as any Shares issued pursuant to the
exercise of the Warrants, are subject to a four-month hold period from the
date of closing. The private placement is subject to the approval of
the TSX Venture Exchange and finder’s fees may be paid in accordance
with regulatory policy.
Proceeds from the
private placement will be used to fund the continued exploration and
development of the Pinaya gold-copper project in southern Peru and for
general working capital purposes.
The Company further
announces that it is applying to the TSX Venture Exchange for its
acceptance of the repricing of warrants to purchase a total of 3,349,091
common shares of the Company, which expire on December 1st, 2008, from
$0.50 per share to $0.35 per share. The warrants were issued on
November 30th, 2007 as part of a private placement and none have been
exercised to date. The repricing is subject to the acceptance of the
TSX Venture Exchange.
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
February 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
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