Dawson Gold Announces Toro Project Update, Private Placement and Proposed Share Consolidation
19 Août 2011 - 3:00PM
Marketwired
Dawson Gold Corp. (TSX VENTURE: DYU) has completed a 33.6 line
kilometer surveyed and cut grid in advance of a Quantec Geophysics
Titan-24 deep penetrating Induced Polarization ("I.P.")
ground-based geophysical survey slated to commence on August 18,
2011. In connection with the work program, Dawson has expanded the
Toro exploration camp to accommodate a crew of up to 20 people. The
geophysical program is designed to test the mineral potential of
the Toro Property at depth and to define potentially mineralized
structural targets within the 75 Ma Late Cretaceous Porphyry and
the 103 Ma Mid Cretaceous Granodiorite intrusives on the Property.
The Quantec Titan-24 System has proven to be a successful tool to
define large porphyry systems and strongly mineralized structural
trends. The program is anticipated to take 25 days to complete.
Coincident with the Quantec survey the Company intends to
construct 8 km of supplementary road access and undertake a
trenching/sampling program to follow-up on high-priority anomalous
gold-in-soil targets defined by the 2010 Toro exploration campaign.
Trenching will test mineralization demonstrated by historical
results from the Ridge Zone which included 0.55 g/t Au and 106.6
g/t Ag over 30 metres in "Anomaly C" and 37.8 metres averaging 0.46
g/t Au and 26.1 g/t Ag within "Anomaly B". The 2010 defined soil
anomaly targets represent newly discovered, un-trenched targets.
The required exploration equipment has been mobilized to site. A
soil sampling program focused on in-fill and expansion of the 2010
gold-in-soil anomalies is currently underway and will continue into
the Fall.
Private Placement
Dawson Gold announces a private placement of up to 16,666,666
units of the Company at a price of $0.06 per unit for total
proceeds of up to $1,000,000. Each Unit will consist of one common
share and one common share purchase warrant. Each warrant will
entitle the holder to purchase one common share of the Company at a
price of $0.10 per share for a period of 18 months from the closing
date.
The Company will pay a finder's fee equal to 8.0 per cent of
subscription amounts found, payable in cash, or issue finder's
shares in an amount equal to 8.0 per cent of the shares subscribed
for.
The proceeds from the private placement will be used to continue
exploration on the Company's Toro project in the Yukon and for
general working capital purposes. The private placement is subject
to approval by the TSX Venture Exchange. Dawson will not proceed
with the proposed financing announced in early June.
Share Consolidation
Dawson Gold announces that it proposes to consolidate the issued
and outstanding share capital of the Company such that every two
existing shares will be consolidated into one new share. The
Company currently has 33,919,782 issued and outstanding. Following
the consolidation, it would have 16,959,891 shares issued and
outstanding. The share consolidation is subject to approval by the
shareholders of the Company at a special meeting of shareholders to
be held on September 23, 2011, and to the acceptance of the TSX
Venture Exchange.
Management believes that consolidating the Company's issued
share capital is in the best interests of the Company and would
improve the ability of the Company to attract additional equity
financing and assist in the acquisition of additional projects of
merit.
For additional information please visit the company's website at
www.dawsongold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Paul D. Gray, P.Geo. CEO
DAWSON GOLD CORP.
Certain of the statements made and information contained herein
may constitute "forward-looking information". In particular
references to future work programs or expectations on the quality
or results of such work programs are subject to risks associated
with operations on the property, exploration activity generally,
equipment limitations and availability, as well as other risks that
we may not be currently aware of. Accordingly, readers are advised
not to place undue reliance on forward-looking information. Except
as required under applicable securities legislation, the Company
undertakes no obligation to publicly update or revise
forward-looking information, whether as a result of new
information, future events or otherwise.
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.
Contacts: Dawson Gold Corp. Mark Komonoski 403-255-8483 or
Toll-Free: 1-877-255-8483 www.dawsongold.com
Dawson Gold Corp (TSXV:DYU)
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