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4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  CMC Metals Ltd    CMB   CA12571Q3044

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CMC Metals Ltd : Purchase of Additional Interest in the Radcliff Gold Property/Closing of the 1,000,000 Unit Flow-Through Private Placement @ $0.20 per Unit

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12/21/2011 | 04:28pm CEST

Vancouver, B.C.: CMC Metals Ltd. (the "Company") wishes to announce that it has negotiated and signed a purchase agreement for a 50% ownership interest in the Radcliff property, up from the previously announced 25% on May 3, 2011, with Pruett Ballarat Inc. (PBI) and the vendor of the claims. A total of 94 unpatented claims, 10 patented claims, and one patented mill site claim are included in the purchase and negotiations have been ongoing for the past four months. Terms of the purchase include a $100,000 payment to the Property Owner on signing, plus a further $900,000 on the closing date of April 16th, 2012. The agreement has an NSR of 5% back to the Vendor, with an option to buy out the royalty for $1,000,000 within one year of the closing date. The $1,000,000 provided by the Company towards the purchase of the Radcliff property will be returned on a first priority basis from the net proceeds from the mine production under the joint venture agreement with PBI. The current production plan for the Radcliff Mine is sufficient to provide over 3 years of ore for the Bishop Mill facilities. The Company has also advanced an additional $150,000 toward the Joint Venture with PBI which funds have been used to improve the road access to the Radcliff property and towards certain equipment costs related to the underground workings. The Bishop Mill is a suitable facility to process the Radcliff Mine ore. Approval by the Water Board has been received for the new tailings pond at the Bishop Mill and the amended Plan of Operation is currently being reviewed for acceptance. Once the amended Plan of Operations is approved, stockpiling of the Radcliff ore and work on the new tailings pond will commence.

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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Managers
NameTitle
Jatinder Singh Bal President & Chief Executive Officer
Ian Graham Chief Operating Officer & Director
Michael Curt Scholz Chief Financial Officer & Non-Independent Director
John Bossio Independent Director
Carl Alexander von Einsiedel Director
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