Macdonald Closes Strategic $10 Million Brokered Financing With Key Mining Individuals-Preparation Underway for November Drill Program
TORONTO, ONTARIO--MacDonald Mines Exploration Ltd. (TSX VENTURE:BMK) -
The $10,000,000 private placement financing previously announced on October 26, 2007 has been completed.
The Company is pleased to welcome Robert McEwen - Chairman & CEO, US Gold Corporation, Pinetree Capital Ltd. headed by Chairman & CEO - Sheldon Inwentash, Pierre Lassonde - Chairman, Franco-Nevada Corporation, and Randall Oliphant - Chairman, Western Gold Fields Inc. as shareholders and strategic investors in MacDonald Mines.
The proceeds will be used to fund exploration programs on the Company's James Bay properties and for working capital purposes.
The land package currently held by MacDonald Mines in James Bay in whole or with Joint Venture Partners is over 600 square kilometres. This ground is largely on favourable geology which is similar to that which hosts the Noront Resources nickel discovery.
MacDonald Mines' management and exploration personnel believe very strongly in the James Bay Nickel opportunity. The Company has demonstrated this through its recent strategic land acquisition and in quickly mobilizing an exploration program which includes a 9,000 kilometer airborne survey over its newly acquired properties and a drill program of 2,000 meters.
The airborne survey is in progress, grids have been cut and ground survey and drill crews will be mobilized into the James Bay area later this week with drilling to begin shortly thereafter. We will once again utilize the First Nations Community of Webequie as our base camp for this program.
Bill Nielsen, P. Geo. and Director, will oversee the overall exploration program with field exploration managed by Randy Salo, P. Geo.
Joseph Heng, CA and Director offered his resignation to the Board of Directors on October 29, 2007. We would like to take this opportunity to thank him for his contribution in this capacity and would like to report that he will continue in his important role as a Financial Services Consultant.
The Board of Directors is pleased to announce that Julie Lassonde-Gray has agreed to join MacDonald Mines as a Director effective October 30, 2007. We look forward to having her join our team and contributing to the success of the Company.
WARNING: The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from expectations and projections set out herein.