Abitibi Mining Acquires Four Gold Properties in West Timmins District
September 23 2009 - 9:30AM
Marketwired
ABITIBI MINING CORP. (TSX VENTURE: ABB) (the "Company") is pleased
to announce, subject to regulatory approval, the acquisition of a
100% interest in the Armstrong Lake, Ivanhoe, Muskego and Foleyet
properties.
To view a map of Abitbi's recently acquired gold properties in
the West Timmins district please click on the following link:
http://media3.marketwire.com/docs/923map.pdf
"We are pleased with the acquisition of these gold properties
and with the depth they add to Abitibi's precious metals portfolio.
The Tannahill gold project in the Larder Lake Mining Division will
also continue to be a focus for the Company moving forward,"
comments Company Chairman, Richard Hughes.
The Armstrong Lake property consists of 10 claims (97 units)
located in the Keith and Penhorwood Townships of Porcupine Mining
Division. The property is accessible by road and is approximately
70 km southwest of Timmins. Consideration for the property consists
of $105,000 and 400,000 shares. A further 100,000 shares are to be
issued upon completion of a positive feasibility study. There is a
3% NSR, 1% of which may be purchased for $1,000,000.
The Foleyet property consists of 8 claims (113 units) located in
the Foleyet Township of Porcupine Mining Division. The property is
accessible by road and is approximately 75 km southwest of Timmins.
Consideration for the property consists of $140,000 and 400,000
shares. A further 100,000 shares are to be issued upon completion
of a positive feasibility study. There is a 3% NSR, 1% of which may
be purchased for $1,000,000.
The Ivanhoe property consists of 232 units and is located in the
Ivanhoe Township of Porcupine Mining Division. The property is
accessible by road and is approximately 75 km southwest of Timmins.
Consideration for the property consists of $180,000 and 400,000
shares. A further 100,000 shares are to be issued upon completion
of a positive feasibility study. There is a 3% NSR, 1% of which may
be purchased for $1,000,000.
The Muskego property consists of 6 claims (81 units) and is
located in the Muskego Township of Porcupine Mining Division. The
property is accessible by road and is approximately 75 km southwest
of Timmins. Consideration for the property consists of $140,000 and
400,000 shares. A further 100,000 shares are to be issued upon
completion of a positive feasibility study. There is a 3% NSR, 1%
of which may be purchased for $1,000,000.
The Company has also arranged for a private placement of up to
10,000,000 units for total proceeds of up to $400,000. The
financing will consist of flow through units priced at $0.04 per
unit and non-flow through units priced at $0.03 per unit. Each of
the units will consist of one flow through or non-flow through
common share and one non-flow through, non-transferable share
purchase warrant entitling the holder to purchase one additional
common share for five years at a price of $0.05 per share in the
first year and $0.10 per share for the remaining four years. In
accordance with Exchange policies, finders' fees may be paid on the
funds raised. The private placement is subject to regulatory
approval.
The statements made in this Press Release may contain
forward-looking statements that may involve a number of risks and
uncertainties. Actual events or results could differ materially
from the Company's expectations and projections.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this news release.
Contacts: Abitibi Mining Corp. Kevin Hull or Alan Campbell
Investor Relations (604) 685-2222 info@abitibi-mining.com
www.abitibi-mining.com
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