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Vangold Resources Ltd Commences Drill Program At Its Allemata Project And Closes Financing


Tuesday, 18 Dec 2012 10:27am EST 

Vangold Resources Ltd announced that it has commenced core drilling at its Allemata Project, located in Milne Bay Province, Papua New Guinea. The current 10-hole drill program will test two prospects, Huluba and Ulo Ulo, where significant gold mineralization has been identified in earlier work programs. Holes will be drilled to up to 300m in depth and have been targeted using a combination of surface geochemistry, geophysical surveys and historic work, including previous drilling. Results from the current drill program are expected early in 2013. The Company also announced the private placement of 2,850,000 units at $0.115 per unit, each unit consisting of a share and one half of a four year share purchase warrant exercisable at $0.25 per share. The placement is slightly less than originally announced because the TSX Venture Exchange did not accept $0.115 subscriptions from persons who were not incoming directors (or companies associated with incoming directors) in accordance with private placement policies respecting "part and parcel" pricing. 

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11 Apr 2014