In the same category
Emgold Provides Properties Update and Closes CDN $285,000 Private Placement
Published : February 01, 2013
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 1, 2013) - Emgold Mining Corporation (the "Company" or "Emgold") (TSX VENTURE:EMR)(OTCQB:EGMCF)(FRANKFURT:EML) provides the following update on its exploration and development properties and its recently announced private placement:

Idaho-Maryland Project, CA

Further to the Company's October 26, 2011 and September 7, 2012 press releases, permitting activities associated with the Idaho-Maryland Project (the "Project") remain on hold pending the resurgence of the junior mining equity markets. Emgold reiterates what it stated in its past press releases that, despite the current price of gold, financing for projects in the junior mining sector is extremely difficult. In the event that insufficient funds can be raised to move the Project forward, Emgold will continue to delay the Project until market conditions improve or, as a worst case, drop it to focus on the other assets the Company currently has in its portfolio.

The current extension of the Lease and Option to Purchase Agreement (the "BET Agreement") expires today. The BET Agreement, signed in 2002, originally had a five year term. It has been extended three times to date, in two year increments, with the last extension taking effect on February 1, 2011. Emgold is currently in negotiations with the BET Trust to extend the agreement, which covers the lease and option to purchase of approximately 2,750 acres of mineral rights and 91 acres of surface rights associated with the Project. If negotiations to extend the BET Agreement are unsuccessful, Emgold will terminate the Project and focus on the other assets the Company currently has in its portfolio.

Stewart and Rozan Properties, BC

Emgold completed a Diamond drilling program on the Stewart Property in late 2012. The drill program totaled 1,447 metres of drilling in 11 drill holes spread over the Free Silver, Stewart Creek and Stewart Moly target areas. Core samples taken from that program are currently being processed at Acme Labs in Vancouver, with all results expected in the next few weeks.

As announced in its January 28, 2012 press release, Emgold successfully completed its 2012 exploration program at its Rozan Property in 2012, totaling 1,495 metres of drilling in 15 drill holes focusing on the Main, Sheeted Vein, and West Vein Zones.

The two exploration programs on the Stewart and Rozan Properties completed Emgold's flow-through expenditure requirements for 2012. Assessment reports and assessment work filings will be made with the B.C. Ministry of Energy and Mines in the first quarter of 2013, keeping these properties in good standing.

Buckskin Rawhide East and West Properties, NV

Emgold is in the process of acquiring the Buckskin Rawhide East Property from two underlying owners, as announced in recent press releases (November 14, 19, and 26, 2012; December 28, 2012; and January 30, 2013). This acquisition is being funded by a series of three private placements by Rawhide Mining LLC ("RMC"), which operates the adjacent Denton Rawhide Mine.

Emgold understands that RMC is also in the process of acquiring the Regent Property from Pilot Gold Corporation. The Buckskin Rawhide East Property is surrounded by the Denton Rawhide Mine on the east and south and by the Regent Property on the west and north.

Emgold announces it has made its 2013 advance royalty payment to the underlying claimholder of the Buckskin Rawhide West Property, as per a Lease and Option to Purchase Agreement dated January 24, 2012, by issuing 125,000 shares at CDN $0.08 per share, representing the US$10,000 payment. This property is adjacent to and west of the Regent Property.

Koegel Rawhide Property, NV

Emgold announces it has made its 2013 advance royalty payment to the underlying claimholder, as per a Lease and Option to Purchase Agreement dated January 24, 2012, by issuing 111,000 shares at CDN $0.09 per share, representing a US$10,000 payment. This property is approximately three miles south of the Denton Rawhide Mine.

Closing of Private Placement

Emgold is pleased to announce it has closed a previously announced private placement (see January 30, 2013 press release) for gross proceeds of CDN $285,000. The private placement involved the issuance of 5,700,000 units ("Units") to RMC at a price of CDN$0.05 per Unit. Each Unit consists of one common share (a "Share") of the Company and one half of one non-transferable share purchase warrant. Each full warrant entitles RMC to purchase, for a period of 24 months, one additional Share at a price of CDN$0.12. The Shares are subject to a minimum hold period of four months plus one day, expiring June 2, 2013. No finder's fees were paid as part of this private placement.

The proceeds of the private placement will be used for fees associated with the Buckskin Rawhide East Property transactions, exploration of Emgold's Nevada and B.C. properties, and for general working capital.

The securities issued pursuant to the private placement have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

Qualified Person

Technical information in this press release related to Canadian properties has been reviewed and approved by Mr. Perry Grunenberg, P.Geo., a Qualified Person as defined in National Instrument 43-101. Mr. Grunenberg supervises technical work related to Emgold's Canadian properties. Similarly, technical information in this press release related to U.S. properties has been reviewed and approved by Mr. Robert Pease, P.Geo., a Qualified Person as defined in National Instrument 43-101. Mr. Pease is responsible for supervising the technical work related to Emgold's U.S. Properties.

On behalf of the Board of Directors

David G. Watkinson, P.Eng., President & CEO

This release was prepared by the Company's management. For more information on the Company, investors should review the Company's filings that are available at www.sedar.com or the Company's website at www.emgold.com. This news release includes certain statements that are "forward-looking statements" within the meaning of applicable securities laws including statements regarding use of proceeds of the financing and the statement of Emgold's understanding as to the possible acquisition of the Regent Property by RMC (see Pilot Gold Corporations news release dated January 10, 2013). They assume that no other matters arise that require a diversion of funds from the anticipated use. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include legal impediments to the transfer of title to the Buckskin Rawhide East property to the Company, which could prevent the property transfer from proceeding in the time period anticipated or at all, and the failure of RMC to acquire the Regent property, which is outside the control of Emgold and as to which it has very limited knowledge. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. The Company does not intend to update or revise any forward-looking information whether as to a result of new information, future events or otherwise, except as required by law. Whether RMC acquires the Regent property is out of Emgold's control, and Emgold disclaims any responsibility with respect thereto.

U.S. 20-F Registration: 000-51411

Neither TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Emgold Mining Corporation
David G. Watkinson, P.Eng.
President & CEO
778-375-3106
info@emgold.com
www.emgold.com

Emgold Mining Corp

PRODUCER
CODE : EMR.V
ISIN : CA2909283087
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Emgold Mining is a gold development stage company based in Canada.

Emgold Mining holds various exploration projects in Canada.

Its main assets in production are IDAHO-MARYLAND in USA and ROZAN in Canada and its main exploration properties are JAZZ, STEWART and BUCKSKIN RAWHIDE in Canada.

Emgold Mining is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 22.3 millions as of today (US$ 17.8 millions, € 15.6 millions).

Its stock quote reached its highest recent level on May 12, 2006 at CA$ 9.90, and its lowest recent point on January 01, 2016 at CA$ 0.01.

Emgold Mining has 79 710 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of Emgold Mining Corp
2/1/2013Provides Properties Update and Closes CDN $285,000 Private P...
4/7/2010Closes First Tranche Of Private Placement Financing
10/22/2007Completes $8 Million Private Placement Financing
6/9/2007Announces $10,000,000 Brokered Private Placement
Option Grants of Emgold Mining Corp
5/8/2012Grants Options Moves To OTCQB Status
Nominations of Emgold Mining Corp
8/21/2013Announces Change In Directors
5/11/2010Appoints New Chief Executive Officer
4/7/2008 Announces The Appointment Of Chief Financial Officer
11/1/2007Announces The Appointment Of President And Chief Operating O...
Project news of Emgold Mining Corp
6/17/2013(Buckskin Rawhide)Drilling to Commence on Emgold's Buckskin Rawhide East Prope...
4/8/2013(Stewart)Discovers New Gold Zone at its Stewart Property, B.C.
9/7/2012(Idaho-maryland)Idaho-Maryland Project Update
8/28/2012(Rozan)Commences 2012 Exploration Program Rozan Property, B.C.
2/15/2012Doubles Size of its Koegel Rawhide Gold-Silver Property, Nev...
2/6/2012(Buckskin Rawhide)Completes Acquisition and Expands its Buckskin Rawhide Gold ...
2/1/2012(Stewart)Announces Successful Results from its 2011 Core Drilling Pro...
1/30/2012(Buckskin Rawhide)s Gold Exploration Activities at its Buckskin Rawhide Proper...
1/25/2012(Rozan)Announces Successful Results 2011 Exploration Program Rozan ...
6/16/2011(Idaho-maryland)Advances Idaho-Maryland Gold Mine Permitting
4/11/2011(Idaho-maryland)Moves Forward with Idaho-Maryland Project Permitting
4/11/2011(Buckskin Rawhide)Expands Claim Position at its Buckskin Rawhide Gold-Silver P...
3/25/2011(Stewart)Announces Upcoming 2011 Field Exploration and Drilling Progr...
3/9/2011(Idaho-maryland)Announces Idaho-Maryland Project Update
1/12/2011(Buckskin Rawhide)Finds High Grade Gold at its Buckskin Rawhide Property, Neva...
7/23/2010(Idaho-maryland)Extends Lease And Option To Purchase Agreement For The Idaho...
1/7/2008(Idaho-maryland Mine)Achieves Important Milestone In Gold Mine Permit Application
11/16/2007(Stewart Property) Discovers Additional Tungsten Mineralization In Trenches At...
6/26/2007Achieves Important Permitting Milestone For Idaho-Maryland M...
Corporate news of Emgold Mining Corp
11/29/2013Announces Annual General Meeting and Special Meeting Results
9/4/2013Raises US$450,000 Through Real Estate Transaction
1/30/2013(Buckskin Rawhide)Announces Non-Brokered Private Placement Provides Update on ...
1/28/2013(Rozan)Intersects Gold at its Rozan Property, B.C.
9/10/2012Warrants Exercised
8/17/2012Completes Re-Pricing and Extension of Warrants
7/18/2012to Re-Price and Extend Existing Warrants Offers Early Conver...
5/1/2012Retains Vanguard Shareholder Solutions for Investor Relation...
3/28/2012Identifies Gold Target at its Koegel Rawhide Gold-Silver Pro...
2/27/2012Finds High Grade Gold at its Recently Acquired Koegel Rawhid...
4/20/2011(Buckskin Rawhide)Finds More High Grade Gold And Silver at its Buckskin Rawhid...
8/7/2010Converts Series A Preference Shares And Accrued Dividends To...
9/23/2009Annual And Special Meeting
9/29/2008Presents The Idaho-Maryland Project Overview
9/21/2008Shareholder Update
2/6/2008 Receives Recent Coverage By Smartstox.Com
11/28/2007Completes Drilling On Its Molybdenum, Tungsten And Gold Prop...
8/1/2007Takes New Direction
4/11/2007Additional Exploration Targets At Idaho-Maryland Gold Mine
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (EMR.V)FRANKFURT (EML.F)
0.280-6.67%0.217+1.40%
TSX-V
CA$ 0.280
09/26 10:30 -0.020
-6.67%
Prev close Open
0.300 0.280
Low High
0.280 0.280
Year l/h YTD var.
0.015 -  0.300 700.00%
52 week l/h 52 week var.
0.015 -  0.300 460.00%
Volume 1 month var.
5,304 -5.08%
24hGold TrendPower© : 16
Produces Gold
Develops
Explores for Gold - Silver
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 11/25/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2022300.00%
2021-12.50%0.090.06
202023.08%0.160.03
2019-31.58%0.200.05
2018-44.12%0.220.05
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.42-4.26%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 3.28-6.82%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.57-4.97%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.11+0.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.22+4.23%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 6.38-0.93%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.26-7.14%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.32+0.00%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 1.95-10.14%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 57.27-0.73%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :