Z-Gold Exploration Closes a Private Placement and Acquires Vauquelin Property
October 07 2010 - 5:17PM
Marketwired
Z-Gold Exploration Inc. (TSX VENTURE: ZGG) is pleased to announce
the closing of a private placement for the amount of CDN $400,000.
The placement
The placement consists in 400,000 common shares at a price of
$0.20 per share representing $80,000 and 1,600,000 flow-through
shares at a price of $0.20 per share representing $320,000. Each
share is accompanied of one-half (1/2) of a share purchase warrant.
On whole warrant allows to subscribe for one common share of the
Company at a price of $0.26 per share, expiring October 7,
2012.
The securities that will be issued at the closing of this
private placement will be subject to a hold period of four months
and one day from closing. This placement is subject to the approval
of the regulatory authorities.
The Property
Z-Gold Exploration Inc. is pleased to announce the acquisition
of a 6 mineral claims totaling 345.21 hectares located in the
Vauquelin Township in the Val-d'Or Mining Division, Province of
Quebec.
Z-Gold Exploration Inc. will issue 250,000 shares at signature
to acquire a 100% interest in the Vauquelin claims. The vendor has
retained a 1% NSR in the property. This acquisition is subject to
regulatory approval.
About Z-Gold Exploration Inc.
The head office of Z-Gold is located at 15, rue Gamble East,
Suite 204, Rouyn-Noranda, QC, J9X 3B6. Z-Gold Exploration Inc. is
exploring for gold and base metals in the Abitibi Greenstone
Belt.
Z-Gold has as its flagship property the Abitibi Gold Property
located in Munro Township in the famous Timmins mining camp. There
are many surface gold showings that require investigation by ground
geophysical surveys and followed up by a diamond drilling program.
A recent airborne survey has successfully outlined many EM and
magnetic structural features. A geophysical feature similar to the
Croesus mine has been identified. The Abitibi Gold Property
consists of five mining leases containing 85 claims (91 units)
located approximately 86 kilometres east northeast of the city of
Timmins in the Larder Lake Mining Division, Ontario.
Z-Gold Exploration Inc. is a publicly listed company trading on
the TSX Venture (ZGG).
This press release was prepared by Z-Gold Exploration Inc.
Neither the TSX Venture Exchange Inc nor its Regulation Services
Provider (as that term is defined in the Policies of the TSX
Venture Exchange) has reviewed or accepts responsibility for the
adequacy or accuracy of this release.
This document may contain forward-looking statements relating to
Z-Gold's operations or to the environment in which it operates.
Such statements are based on operations, estimates, forecasts and
projections. They are not guarantees of future performance and
involve risks and uncertainties that are difficult to predict and
may be beyond Z-Gold's control. A number of important factors could
cause actual outcomes and results to differ materially from those
expressed in forward-looking statements, including those set forth
in other public filling. In addition, such statements relate to the
date on which they are made. Consequently, undue reliance should
not placed on such forward-looking statements. Z-Gold disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, save and except as may be required by applicable
securities laws.
Contacts: Z-Gold Exploration Inc. Rodrigue Tremblay President
and CEO 800-388-8668 / 819-797-8668 819-797-6050 (FAX)
zgoldexploration@gmail.com