KELOWNA, BC, Aug. 18, 2014 /CNW/ - Cantex Mine Development
Corp. (CD : TSXV) (the "Company") wishes to announce that it
has closed the first tranche of its previously announced private
placement (see news release of July 9,
2014) issuing 15,000,000 flow-through shares at $0.05 per share for proceeds of $750,000. The shares are subject to a 4 month
hold period expiring December 15,
2014.
Proceeds are to be used to complete the exploration program
currently underway on two of its claim blocks in central
Yukon. These claim blocks are underlain by geology conducive
for the presence of Carlin-style gold mineralization.
Cantex's claims are located on areas anomalous in gold and key
pathfinder elements for Carlin-style mineralization as determined
by a regional 20,000 square kilometer heavy mineral geochemical
survey.
This summer over 6,500 samples have been collected from the
North Rackla and Mount Good claim blocks. Results from infill
soil-talus samples collected over priority areas within the North
Rackla claim block were processed as a priority and their results
are being used to guide a rotary air blast drilling program.
This drilling program is now underway and 23 holes are now
complete. The drilling is targeting the bedrock source of the
highly anomalous gold and pathfinder elements discovered by the
heavy mineral and soil-talus geochemical sampling programs.
The technical information and results reported here have been
reviewed by Mr. Chad Ulansky
P.Geol., a Qualified Person under National Instrument
43-101, who is responsible for the technical content of this
release.
Signed,
Charles Fipke
Charles Fipke
Chairman
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Cantex Mine Development Corp.