Threegold Reactivates Adanac Gold Project And Closes Private Placement (2008-02-14)
VAL-D'OR, QUEBEC--(Marketwire - Feb. 14, 2008) - Threegold Resources Inc. (TSX VENTURE:THG) is pleased to inform its shareholders that a comprehensive data compilation and geological and gold mineralization is near completion for its 100% owned Adanac project located some 6 kilometres ESE of Rouyn-Noranda along the Cadillac-Larder Lake Break. The company also wishes to announce the closing of a private financing with Sidex.
The Adanac Project is comprised of 51 claims covering 1,744ha directly adjacent to McWatters, a former mining town, now part of Rouyn-Noranda. The property was acquired from Dianor Resources as part of the transfer of assets resulting from the spin-off leading to Threegold Resources. A 1% NSR on the claims is retained by the original claim owner.
The sedimentary rocks on the property are part of the Temiscaming and Pontiac Groups of the Pontiac Sub-province and are characterized by clastic metasedimentary rocks. Gold mineralization occurs within shear-hosted polyphase quartz veins along with pyrite, arsenopyrite and bismuth minerals on the property. Graphite schists and chlorite alteration are found in association with the mineralisation. Three shear zones, splays of the Cadillac-Larder Lake Break traced some 3km to the north, affected the lithologies and on a more local scale, the quartz veins.
Underground development was carried out from the Adanac shaft between 1934 and 1936 on three levels (-36,- 72 and -150m levels) with 923 metres of drifting. Historical gold values reported from underground grab sampling ranged between 6.17 and 29.1 g/t. Also, grab sample grades ranging between 2.74 and 9.1 g/t are reported from the underground drifts (-28 and -49m levels) at the Clerno II shaft, located on the property some 2.5km NNE of the Adanac shaft.
Threegold commenced exploration work on the project in 2006 with a preliminary and limited MMI soil geochemical survey. MMI results outlined the known gold occurrences on the property in addition to several new and unexplored gold anomalies. A property scale geochemical MMI sampling as well as airborne magnetic, electromagnetic survey was carried out the following year. Results of these surveys along with the available data resulting from previous exploration is currently being compiled and gold mineralization modelling undertaken by MRB & Associes, a Val-d'Or based consulting firm. The final report is expected by the end of the month and that exploration will commence shortly thereafter.
Threegold is also pleased to announce the closing of a $150,000 private placement with Sidex. Sidex is a limited partnership fund established by the Government of Quebec and the Solidarity Fund QFL to promote and assist in the diversification of mineral exploration in Quebec. The proceeds from the private placement will be used to fund current exploration on the Mercier Project. Threegold issued a total of 300,000 common shares at a price of $0.50 per share and 150,000 common share purchase warrants exercisable at a price per share of $0.65 for a period of one (1) year.
Under applicable securities legislation and the policies of the TSX Venture Exchange, all of the foregoing securities issued pursuant to the private placement are subject to a hold period expiring on June 14, 2008.
Threegold also wishes that to report that core description and sampling is proceeding at the Lemieux Dome project and about 35% of the 7457 metres have now been completed. Initial results are expected shortly and will be announced upon receipt. Drilling is also progressing as planned at Mercier.
Antoine Fournier, P. Geo. M.Sc. is the qualified person responsible for the technical content of this press release.
Threegold's common shares are listed on the TSX Venture Exchange under the symbol "THG".
Threegold's common shares have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S registration or an applicable exemption from U.S. registration requirements.
For further information, please contact:
Antoine Fournier, P.Geo.
Threegold Resources Inc
Tel.: (819) 825-3883
Fax: (819) 825-7545
Octavio Soares, FCA
Chief Financial Officer
Threegold Resources Inc
Tel.: (418) 999-8811
Fax: (418) 652-8149
S.D.N.L. Financial Communications
Tel: (514) 380-5610
You can also visit our website: threegold.ca
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
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