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Homestake Resource Corp announces commencement of drill program and arranges private placement


Monday, 21 Jul 2014 08:30am EDT 

Homestake Resource Corp:Says drilling has commenced on its 100 pct owned Homestake Ridge property in Northwestern BC.The 2014 exploration program is being conducted by Agnico Eagle Mines Limited and is expected to include +7,500 meters of core drilling budgeted at a cost of $3 mln.Agnico Eagle has assumed project management under an option agreement to fund exploration and development costs of $25.3 mln by Dec. 31, 2017 to earn a 65 pct interest in the property.Agnico Eagle is in the third year of the six year option.Plans to issue up to 15,000,000 units in a non-flow-through private placement at a price of C$0.05 per unit for gross proceeds of C$750,000.Net proceeds from this private placement will be used for the continued exploration of the Kinskuch Project and for general working capital purposes. 

Latest Developments for Homestake Resource Corp

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16 Dec 2014