VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 7, 2014) -
THIS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES HEREIN
InZinc Mining Ltd. (TSX VENTURE:IZN) (the "Company") wishes to announce that it has agreed to a non-brokered private placement by a small group of mainly insiders. The placement consists of 2.778 million units at a price of 18 cents per unit for proceeds of $500,000. Each unit will consist of one common share and one-half of one common share purchase warrant. Each full warrant will entitle its holder to subscribe for one share at 30 cents per share for a period of 24 months from completion of the financing. No commission is payable and proceeds from the placement will be used for general corporate purposes.
Closing of the financing is expected to occur on or before August 20, 2014 and is subject to all regulatory approvals, including the approval of the TSX Venture Exchange. The securities issued in connection with the financing will bear a four-month restriction on resale from the completion date.
InZinc Mining Ltd. is focussed on advancing its 100% owned West Desert zinc-copper-iron project in western Utah. An independent Preliminary Economic Assessment (PEA) was announced on April 1, 2014 and concludes that conventional mining and processing of the West Desert resources would provide strong potential cash-flow and a corresponding high rate of return (see NR14-02). From clean, high-quality concentrates, West Desert has the potential to produce 1.6 billion pounds of payable zinc and 146 million pounds of payable copper at low cost over a mine life of approximately 15 years. Over the same period, approximately 15 million tonnes of high quality iron (magnetite) concentrates suitable for domestic or off-shore markets would be produced as a potential high-value co-product, also at low cost.
West Desert benefits from all-weather road access, on-site grid power and proximity to natural gas. It is located 90 km from multiple transcontinental rail networks servicing multiple western US ports and accessing all major North American markets. Large and potentially expandable resources are an additional advantage for the project.
Chris Staargaard, P.Geo., a Qualified Person as defined in NI43-101, has approved the technical content of this news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the Company's next shareholder meeting. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results, performance, or actions and that actual results and actions may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, those risks and uncertainties disclosed in the Company's Management Discussion and Analysis for the year ended December 31, 2013 filed with certain securities commissions in Canada and other information released by the Company and filed with the appropriate regulatory agencies. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
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.