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Friday, 14th November 2008 (1767 views)

Garson Gold has announced that it has arranged a non-brokered private placement of up to 26,000,000 flow-through common shares priced at $0.05 (£0.03) for gross proceeds of $1.3 million.

According to the company, proceeds from the private placement will be used to finance continued advanced exploration and drilling on its New Britannia gold mine property.

Based in Vancouver, British Columbia, Garson Gold has a 100 per cent interest in the New Britannia mine project in Snow Lake Manitoba and the McMillan gold mine property in Ontario, Canada.

All securities in the private placement will undergo a four-month hold period and the offering is subject to acceptance by the Toronto Stock Exchange Venture Exchange.

Covering around 4,840 hectares, New Britannia mine hosts the historic New Britannia Gold Mine which produced approximately 1.43 million ounces of gold during its years of operation.

Recent drilling activities at the Garson Gold's Boundary and Kim zones in the Britannia Mine property have focused on exploration and potential resource evaluation.

 

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