Information posted is accurate at the time of posting, but may be superseded by subsequent press releases.
Canadian Gold Hunter Mobilizes Drill Crew to GJ/Kinaskan Copper/Gold Project in B.C.
Apr 14, 2005 - 02:52 ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 14, 2005) - Canadian Gold Hunter Corp. (the "Company") (TSX:CGH) is pleased to announce that equipment, crew and two drill rigs are currently being mobilized to the GJ/Kinaskan copper/gold project in northern B.C. The Company has scheduled a 15,000 metre summer drill program on the project, testing the Donnelly Zone with a further 40 diamond drill holes to as deep as 500 metres and an additional 15 holes to test other targets. A third drill rig will mobilized during the summer. The main goal of the 2005 program is to significantly expand the Donnelly Zone inferred resource and bring much of it into the indicated category. In addition, the Company expects to add to the resources by extending the Donnelly Zone on strike to the east and west. Further potential exists on strike and down dip on the North and GJ Zones.
The Company also reports that the private placement announced as amended on June 10, 2005 has been increased whereby the Company is now selling on a non-brokered basis, up to 4,970,000 Flow-Through Common Shares at a price of Cdn $0.80 per share and up to 408,000 Common Shares (Non Flow-Through) at a price of $0.75 per share for total gross proceeds of Cdn $4,282,000.
The gross proceeds of the Flow-Through Shares shall be used for the exploration of the Company's Canadian exploration projects. The Company will use its best efforts to ensure that the exploration expenditures qualify for the investment expenditure credits for purposes of the Income Tax Act (Canada). The gross proceeds of the Common Shares (Non Flow-Through) will be used for general working capital purposes. The private placement is subject to regulatory approval.
J.E. Christoffersen, P.Eng., a Qualified Person pursuant to NI 43-101, has reviewed the contents and technical information contained in this news release.
ON BEHALF OF THE BOARD
Richard J. Bailes, President
FOR FURTHER INFORMATION PLEASE CONTACT:
Canadian Gold Hunter Corp.
(604) 689-4250 (FAX)