Acero-Martin Increases Private
Placement To $2,379,365
November 23rd, 2007
Vancouver,
BC
Acero-Martin Exploration Inc. (the "Company" TSX-V:ASD) is pleased to announce that in
response to strong interest in the Company it is increasing the size of its
previously announced non-brokered financing by an additional 1,083,900
Units at $0.35 for additional gross proceeds of $379,365. In total,
the Company will issue up to 6,798,185 Units at $0.35 for gross proceeds of
$2,379,365.
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.
Shares issued pursuant to this 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.
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. The private placement is subject to approval of the
TSX Venture Exchange and finders fees may be paid
in accordance with regulatory policy.
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
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