Toronto-based Laramide Resources (LAM-T) will finance exploration work on its Bilbao polymetallic property in central Mexico by drawing on funds raised in a private placement.
Proceeds of $300,000 will be raised by the placement of 1.2 million warrants at 25 cents each. Each warrant is exercisable into one share and one share-purchase warrant entitling the holder to acquire one additional share at 35 cents prior to May 29, 2000.
The 6,500-ha Bilbao property, situated in Zacatecas state, is already undergoing mapping and sampling. This will be followed by an extensive gravity survey, a limited induced-polarization survey and diamond drilling.
The company says the property contains a zinc-lead-copper-silver deposit that was mined for lead during the First World War. Although it has never been subjected to drilling, the property is believed to have potential for open-pit reserves above the old workings, as well as new base metal and silver discoveries.
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