MILLSTREAM COMPLETES
FINANCING
Millstream Mines Ltd. (TSX- V: MLM ) is
pleased to announce that it has completed a non-brokered private placement of
$150,000 through the sale of 800,000 flow-through common shares at $0.05 each
and the sale of 2,750,000 non flow-through common shares at $0.04 each. The
above share issuance is subject to a four (4) month hold period.
The
intended use of these proceeds is for exploration and development of its Potter
Mine Property and for general working capital purposes. Specifically, the
company will continue its investigative efforts on the Potter to determine and
obtain an improved and more complete understanding of its potential by
utilizing a geophysical Helicopter-Borne ZTEM TIPPER AFMAG survey over the
entire property.
The
company���s management and consultants are of the
opinion that on the Potter Property there is a likelihood of identifying
additional ore zone targets outside of the present known resources.
Furthermore, there is good probability of locating an offset/duplication of the
existing defined ore zones and an increase in their present dimensions by way
of uncovering their upward, downward and lateral continuity. In addition, there
is interest in the large ovoid surface depression to the south and the northern
limb of the syncline (the mine area being on the southern limb), as both
present very favourable targets for future drilling
prospects.
The
above private placement is subject to TSX Venture Exchange approval.
Potter Property NI
43-101 Resource Outline
Indicated Resource
|
Tonnes
|
Copper (%)
|
Zinc (%)
|
Cobalt (ppm)
|
Silver (ppm)
|
Gold (ppb)
|
3,028,767
|
1.45
|
1.19
|
389.7
|
11.1
|
127.5
|
Inferred Resource
|
2,071,101
|
1.08
|
1.05
|
301.4
|
8.7
|
81.7
|
The
Potter Mine Property is a past producing mine and host to copper-zinc-cobalt “stacked��� mineralized zones.
It is located in the Abitibi Greenstone Belt, and more specifically in the
Kidd-Munro Assemblage which are highly prolific in gold, silver, and base metal
mineralization. The property may be is accessed by a mining road off of highway
101, near the town of Matheson in north eastern Ontario and a 390 meter deep
shaft resides on the property.
About Millstream Mines
Ltd.:
Millstream
Mines Ltd. is a Canadian-based mineral exploration company whose principle
objective is to enhance and develop known mineral properties to production
potential. The Company has projects in the Province of Ontario, Canada and in
the State of Montana, USA. The Potter Mine Property found in Ontario is
outlined above. The Tamarack Gold Property, a former high grade gold producer
in the Tobacco Root Mountains of south western Montana, is in an advanced stage
of underground exploration and development operating under the Small Mines
Exclusion Act of the State of Montana.. Exploration properties in the companies portfolio also include
the Uncle Sam gold project property in Montana and the Airport property
(Sudbury basin precious metals project) in Ontario.