Alchemist Mining Acquires Mondatta Claims Adjacent to Zenyatta Ventures and Announces Financing
July 30, 2013 (Source: Marketwire) — Alchemist Mining Inc. (TSX VENTURE:AMS) (the “Company”) is pleased to announce that it has acquired 100% interest in 16 mineral claims, covering approximately 256 hectares located within the Porcupine District of Central Ontario (the “Mondatta Property” or the “Property”), contiguous to the north of Zenyatta Ventures Ltd. (“Zenyatta”) Albany (vein-type) Graphite Deposit Discovery.
Zenyatta announced on July 2, 2013 results from Zenyatta’s East Pipe: “Drilling Intersects Wide Zones of Graphite Mineralization on East Pipe”, and reported results of “Hole 12 yielded 146.0 m @ 5.2% Cg, Hole 13 yielded 177.0 m @ 5.3% Cg, Hole 14 yielded 186.0 m @ 4.9% Cg, Hole 15 yielded 125.0 m @ 4.6% Cg.”
Zenyatta has recently discovered the Albany magmatic hydrothermal (vein-type) graphite deposit and has continued to return significant intercepts and carbon grades as recently announced on July 2, 2013 for the East Pipe. Zenyatta is developing the “largest & only “high purity” (hydrothermal) graphite deposit …in the world”, as disclosed in a Zenyatta’s power point presentation available on the Zenyatta website.
Upon TSX Venture Exchange (the “Exchange”) approval, the Company will immediately begin a program of sampling, stripping and IP on the Property.
Alchemist President, Keith Anderson, stated: “We are very excited to have acquired such a prospective piece of ground directly tied on to a what appears to be a world class discovery.”
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In consideration for the Property, the Company made a cash payment of $15,000 and will issue 1,500,000 common shares in the capital of the Company to arms-length vendors. This Agreement is subject to approval of the Exchange. Finder’s fees may be payable subject to Exchange guidelines.
The Company also announces that it is seeking to raise up to $150,000 through the issue of a non-brokered private placement of units (the “Units”) at a price of $0.05 per Unit.
Each Unit will consist of one common share and one share purchase warrant (the “Warrants”). Each Warrant is exercisable by the holder to acquire one additional common share of the Company for a period of two years from issuance at an exercise price of $0.10 per share. The Warrants are subject to a 30-day forced exercise provision if the closing price of the Company’s shares is $0.15 or higher for ten consecutive days.
The proceeds of the financing will be used towards general working capital purposes and for exploration on the Mondatta Property. Finders’ fees may be payable subject to Exchange guidelines.
Completion of the offering is subject to TSX Venture Exchange approval. All securities issued under the offering will be subject to a four-month statutory hold period.
On Behalf of the Board
Keith Anderson, Alchemist Mining Inc.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements about Noka Resources Inc. Forward-looking statements are statements that are not historical facts. The forward-looking statements in this press release are subject to various risks, uncertainties and other factors that could cause the resulting issuer’s actual results or achievements to differ materially from those expressed in or implied by forward-looking statements. These risks, uncertainties and other factors include, without limitation, uncertainty as to resulting issuer’s ability to achieve the goals and satisfy the assumptions of management general economic factors and other factors that may be beyond the control of the parties. Forward-looking statements are based on the beliefs, opinions and expectations of the management of Noka Resources Inc. at the time they are made, and Noka Resources Inc. does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances, should change.
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