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Acero-Martin Closes
Non-Brokered Private Placement
November 30th, 2007
Vancouver,
BC
Acero-Martin
Exploration Inc. (the "Company" TSX-V:ASD) reports that, further to its
news release dated November 23rd, 2007, the Company has now closed its
non-brokered private placement. The Company has raised gross proceeds
of $2,344,375 by the issuance of 6,698,185 million units (the
“Units”).
Each Unit consists of
one common share of the Company (“Share”) and one half of a
share purchase warrant (“Warrant”). Each whole warrant
will entitle the holder thereof to purchase one additional Share (a
“Warrant Share”) of the Company at a price of $0.50 per Warrant
Share for a one year period from the date of issue.
All of the securities
issued pursuant to the private placement, including any shares issued on
the exercise of the warrants, are subject to a hold period expiring March
31, 2007. Cash finders’ fees of $127,826.50 were paid in connection
with the Private Placement.
Proceeds
from the private placement will be used to fund the continued exploration
and development of the Company’s Pinaya gold-copper project in
southern Peru
and for general working capital purposes.
About Acero-Martin Exploration Inc.
Acero Martin’s
100%-owned Pinaya project is one of Peru’s newest and richest
copper-gold porphyry deposits. The project is located approximately 110 km northeast of Arequipa and is
favored 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.
Non-stop
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 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 Company is
compliant under National Instrument 43-101 for the Pinaya project. Cary
Pothorin, P. Geo is the qualified person responsible for the exploration
program at Pinaya and is supervising the quality control and quality
assurance program. A quality control program of standards, blanks and
duplicates is maintained.
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