Vior Closes a $300,000 Placement and Has Commissionned a Preliminary Economic Assessment on Douay Ouest
October 13 2009 - 1:41PM
Marketwired
SOCIETE D'EXPLORATION MINIERE VIOR INC. (TSX VENTURE:
VIO)(FRANKFURT: VL5) - announces that it has completed a $300,000
private placement with several investors, of which one insider of
the Company for an amount of $20,000, and with CGE Ressources 2009
RX SEC. In total, the Company has issued 2,400,000 flow-through
shares at the price of $0.125 per share and 600,000 warrants giving
the holder the right to subscribe one share of Vior at the price of
$0.18 per share for an 18-month period.
By virtue of the Securities Act, securities issued through the
placement are subject to an obligatory 4-month hold period from the
date of closing. The Company paid intermediation fees of $5,000 to
complete the placement.
PRELIMINARY ECONOMIC VALUATION
Vior hired SGS Geostat from Montreal to complete a NI 43-101
compliant Preliminary Economic Assessment on the Douay Ouest
property, located 60 kilometres south of Matagami, province of
Quebec. This new economic assessment should be completed by
mid-November 2009 with the objective of validating a more optimal
all-underground development scenario. The assessment will be based
on a new resources estimate taking into account the new mining
scenario.
Current 43-101 resources on Douay Ouest are:
--------------------------------------------------------------
Category Tonnage Gold in g/t Ounces Au
--------------------------------------------------------------
Measured 232,000 6.06 45,000
--------------------------------------------------------------
Indicated 627,000 5.57 112,000
--------------------------------------------------------------
Total 859,000 5.70 157,000
--------------------------------------------------------------
Inferred 184,000 4.45 26,000
--------------------------------------------------------------
Geostat's complete and 43-101 compliant report on current
resources is available on SEDAR at www.sedar.com.
The new underground development scenario will be evaluated and
validated in order to maximise the use of important existing
surface infrastructures, which consists of a head frame with a
shaft collared in the bedrock, a main building that shelters
offices, a garage and a 1,100-metre capacity hoist, an all-season
gravel road and a power line with a station linked to Hydro-Quebec
network. These infrastructures have been kept on care and
maintenance since their installation by Aurizon Mines in 1997.
Vior's management is confident that the preliminary economic
assessment will be positive.
Jacquelin Gauthier, geological engineer, Vice President
Exploration and a qualified person under Regulation 43-101
respecting standards of disclosure for mineral projects, has
reviewed and approved the technical content of this press
release.
Profile
Vior is a growing mining company focused on developing its
properties. The company wholly owns the Douay Ouest gold project
and other mineral properties.
The TSX Venture Exchange (TSX Venture) does not accept
responsibility for the adequacy or accuracy of this Press
Release.
Contacts: Vior Inc. Claude St-Jacques President 418-692-2678
cstjacques@vior.ca Vior Inc. Jacquelin Gauthier Vice-president
exploration 418-692-2678 jgauthier@vior.ca www.vior.ca
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