-- Posted Monday, 22 November 2010 | Digg This Article
| | Source: GoldSeek.com
Vancouver, Canada – November 22, 2010 – Greg Myers, CEO and President of Caza Gold Corp.(CZY:V), is pleased to announce that Caza Gold Corp. has been approved to begin trading on the TSX Venture Exchange (the TSXV) under the symbol CZY. Trading commences on Monday November 22, 2010.
The Company also announces that on November 18, 2010 it completed its Initial Public Offering (IPO). The Company engaged Canaccord Genuity Corp. (Agent) as the agent for the IPO (see news release dated October 27, 2010).
The Company is pleased to announce the IPO was fully subscribed issuing 8 million units at $0.35 per unit, consisting of one common share and one-half of one warrant exercisable at $0.45 for a period of 18 months, subject to accelerated expiry. The warrants which were issued in the IPO will be listed for trading on the TSXV under the symbol CZY.WT. In consideration for its services in connection with the IPO, the Agent and members of the selling group received a cash commission equal to 8% of the proceeds raised and 640,000 non-transferable warrants to purchase common shares at a price of $0.35 per common share for a period of 18 months from the date of completion of the IPO. Gross proceeds of $2.8 million were raised under the IPO, which will be used to complete the first phase of drilling on the Santiago Project in Mexico and for general operating funds.
Project Update
The Company wishes to provide a brief update on the Santiago Gold Project (962 hectares), which is located 12 km east of the town of Batopilas, a famous high-grade silver district and 20 km east of Goldcorp's multi-million ounce El Sauzal Gold Mine. The Property is about 230 km southwest of Chihuahua City in Chihuahua State, Mexico. The gold mineralization occurs in a prominent iron oxide-silica-clay alteration zone surrounding multiple, parallel, high-grade, gold-quartz-sulfide veins. Access is by paved and all-weather gravel roads from the City of Parral 200 km to the east. Infrastructure is very good with state power lines crossing the properties and labor, supplies and services all available in near-by Batopilas and from the near-by town of Creel.
The Company will begin preparations for the drilling program outlined in the NI 43-101 Technical Report dated January 30, 2010 and available on SEDAR. The recommended program proposes a drilling program which totals approximately 2000 meters of HQ size core to test initial targets in the vein system. The Company is planning the construction of an estimated 7 kilometers of new access roads or rehabilitation of existing roads and trails. The budget as proposed in the Technical Report is CAD$500,000.
Permitting has been completed and approvals to begin work are in place. The Company plans to start field work at the conclusion of the rainy season in late November, 2010. Drilling is planned to test initial targets in the Cliff Vein Zone (drillholes A-1 through C-3) and the Road Zone (drillhole D-1). Access to the Cliff Zone is difficult and the exact position of the proposed road, drillsites, and actual drillholes may be modified once access roads are completed. Figure 1 shows the approximate location of the roads and drillholes with proposed drillhole azimuth and inclinations. Several additional drillsites are included in the permitting and the actual program is subject to modifications based on access and drilling results. Additional field mapping and sampling is planned for late 2010 and these results may also influence the exact location of drillholes.
Figure 1.
Proposed access roads and drillholes in the Santiago Project area
Greg Myers, Ph.D. P. Geo is the Qualified Person who reviewed and approved the contents of this news release.
Caza Gold Corp. is an exploration company focused on the acquisition and exploration of strategic gold properties in Mexico and Latin America.
This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, "U.S. persons," as such term is defined in Regulation S under the U.S. Securities Act, unless an exemption from such registration is available.
CAZA GOLD CORP.
Per:
/s/ Greg Myers
Greg Myers Ph.D. P. Geo.
President and CEO
For more information, please contact Gregg Wilson at Toll Free: 1-877-684-9700, tel: (604) 685-9750, fax: (604) 685-9744, email: gregg@cazagold.com or visit our website, www.cazagold.com
"Neither 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."
CAUTIONARY DISCLAIMER – FORWARD LOOKING STATEMENTS
Certain statements contained herein constitute "forward-looking statements" within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, are "forward-looking statements". We caution you that such "forward-looking statements" involve known and unknown risks and uncertainties, as discussed in the Company's filings with Canadian securities agencies. The Company expressly disclaims any obligation to update any forward-looking statements other than as required by applicable law. We seek safe harbour.
-- Posted Monday, 22 November 2010 | Digg This Article | Source: GoldSeek.com
