The Radcliff (Worldbeater) Mine is located 8 km from the town of Ballarat and 13 km northeast of the operating Briggs Mine. The current mine developments occur at the upper elevations (4530 to 6580 foot) of the Panamint Mountain Range. Mineralization occurs within quartz-sulfide veins, disseminated sulfides and locally massive sulfides which were emplaced along zones of shearing and dilatency within the argillite and amphibolite units. These units structurally and unconformities overlie quartzofelspathic gneisses and granites of the Worldbeater complex.
The Company further wishes to announce that it has completed it's previously announced private placement (see press release dated December 8, 2011) of up to 1,000,000 flow through units (the "FT Units") at a price of $0.20 per FT Unit for aggregate gross proceeds of $200,000 (the "Offering"). Each FT Unit consists of one common share in the capital of the Company which will be designated as a flow-through share pursuant to the Income Tax Act (Canada) and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one flow-through common share in the capital of the Company (a "Share") at a price of $0.25 per Share for a period of one year expiring December 16, 2012. The original terms of the placement as announced December 8, 2011 were amended in that the Warrant exercise price was reduced to $0.25 per Share from the originally announced price of $0.30 per Share. No finder's fee was payable pursuant to this transaction.
In compliance with NI 43-101, Don Wedman, P.Eng., President and Chief Executive Officer of the Company, is the Qualified Person who prepared or supervised the preparation of the technical information presented in this news release.
This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.
On behalf of the Board:
"Michael C. Scholz"
Michael C. Scholz
CMC METALS LTD.
gz@mineralstocks.com.
Neither the 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.
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