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Radius acquisition, financing and joint venture closed Radius Explorations Ltd RDU Shares issued 6,197,620 Jun 22 close $0.90 Thu 22 Jun 2000 News Release Mr. Simon Ridgway reports The Canadian Venture Exchange has accepted for filing the following property acquisitions and financing transactions. The company has closed the non-brokered private placement of 1,876,500 units at 80 cents per unit announced March 1, 2000, providing financing of approximately $1.5-million. These finances will be used to continue exploration work on the El Tambor prospect in Guatemala, to continue the regional exploration programs continuing in Guatemala and Mexico, and for general working capital. In addition, the company received $375,000 through the exercise of warrants which were to expire on April 28,2000. The company has also closed the financing and option agreement with Barrick Gold Corporation covering the El Salitre gold prospect in central Mexico, whereby Barrick has purchased 400,000 units of Radius at a price of $1.25 per unit for initial proceeds of $500,000. Each unit consists of one common share of Radius and two share purchase warrants exercisable at $1.50 and $2.50 for six and 12 months respectively. The initial $500,000 and the potential additional financing of up to $1.6-million, contingent on exercise of the Barrick warrants, will be spent on jointly approved work programs on the El Salitre property. Radius will be the operator of these programs. Fieldwork on the property commenced on June 6 with the mobilization of the geologic crew. Gold mineralization is associated with hot springs sinter and can be traced for seven kilometres along a 35-kilometre-long graben fault. A two- to three-month mapping and sampling program is aimed at defining the mineralizing fault prior to drill testing. Preliminary data from the program indicate the mineralization may be more extensive due to a pervasive soil and volcanic ash layer that precludes visual detection. Test pitting will be an important factor in the continuing study work. A minimum 2000-metre drill program in anticipated to begin in early September. The company has been granted the right to acquire a 100-per-cent interest in the El Tambor gold prospect located in Guatemala. The initial payments have now been made to Tombstone Aruba AVV of $150,000 cash and 50,000 shares of Radius. The option agreement requires additional payments to Tombstone totalling $150,000 cash and 150,000 shares of Radius over a three-year period. The El Tambor property hosts an epithermal gold zone related to a hot-spring centre. Due diligence sampling by Radius at the Bridge zone has defined a continuous gold zone grading 3.89 grams per tonne across 75 metres and 2.58 g/t across 65 metres. Recent ash cover, however, makes it difficult to expand or interpret the mineralization in this area of the property. Currently, work is focused on locating new zones on the property but thick vegetation and soil cover hamper prospecting. Several anomalies have been located and will require trenching and detailed sampling. (c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com | ||||||||||||||
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