Tiger Gold Corp press release
Copper Reef Announces HudBay financing of deep drilling at Flin Flon
TSXV - TSX Venture Exchange · Canada
Jan. 26, 2011 (TheNewswire.ca) --
Copper Reef Mining Corporation (CNSX: CZC)("Copper Reef", the "Company") wishes to announce a non-brokered private placement with a subsidiary of HudBay Minerals Inc. (NYSE:HBM) (TSX:HBM) (TSX, NYSE:HBM)("HudBay") anticipated to close on February 1, 2011. On closing Copper Reef will receive gross subscription proceeds in an amount equal to $1,050,000.00. HudBay has agreed to subscribe for 7,000,000 units (the "Units" and individually a "Unit") at a purchase price of $0.15 per Unit. Each Unit will be comprised of (and shall separate immediately on closing) one common share of the Company (a "Common Share"), issued as a flow-through share within the meaning of the Income Tax Act, and one Common Share purchase warrant (a "Warrant"). Each Warrant shall entitle HudBay, on exercise, to purchase one Common Share (a "Warrant Share") at an exercise price of $0.15 per Warrant Share for a period of six months from its date of issue.
Copper Reef will utilize the proceeds from this offering to conduct exploration on the Company's 100% owned WAX Claims near HudBay's 777 Mine. Copper Reef has at least two main drill targets on this property. Drilling of the first target, a coincident strong seismic reflector; gravity and magnetic anomalies, has begun. The seismic anomaly according to seismic experts is similar to the Callinan ore bodies to the west and south which the seismic line also passed over.
ABOUT COPPER REEF MINING CORPORATION (CNQ:CZC)
Copper Reef is a Canadian junior mineral exploration company with a specific focus on mineral properties in Northwest Manitoba and Northeast Saskatchewan, Canada. All of the Company's properties are currently at the exploration stage. The Company has no long-term debt and has assembled a portfolio of base metal and precious metal prospects, including strategic locations in the Provinces of Manitoba and Saskatchewan.
Copper Reef Mining Corporation
"signed"
Stephen L. Masson M.Sc. P.Geo.
President & CEO
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