Business
GWR Closes $300,000 First Tranche of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - July 23, 2015) - David H. Brett, President &...
About this update from Engold Mines Ltd.
[{"type":"text","content":"GWR Closes $300,000 First Tranche of Private PlacementExploration Program UnderwayVancouver, British Columbia--(Newsfile Corp. - July 23, 2015) - David H. Brett, President & CEO, GWR Resources Inc. (TSXV: GWQ) (the \"Company,\") reports that the Company has closed the first tranche of a non-brokered private placement that was previously announced on June 24, 2015 (the \"Offering\"). The closing consisted of the issuance of a total of 6,000,000 units (the \"Units\") at a price of $0.05 per Unit for gross proceeds of $300,000. Each Unit consists of one flow-through common share and one warrant (\"Warrant\") with each Warrant entitling the holder to acquire one non-flow through common share at a price of $0.10 per share until July 23, 2017. Proceeds of the first tranche of the Offering will be used for exploration of the Company's 100% owned Lac La Hache Property in central British Columbia.\"Exploration personnel have been arriving at the Company's exploration office in Lac La Hache over the past few weeks,\" said GWR CEO David Brett. \"It's exciting to see the project revive and exploration on the ground resume.\"VP Exploration Rob Shives stated:  \"We were pleased to see that our field vehicles, shop equipment and technical gear required so little to restore full functionality. I think this reflects excellent caretaking and the high quality of the solid, secure facility itself. We are now truly ready and excited to resume exploration.\"As previously announced, the new summer 2015 Program includes grass-roots exploration and detailed drilling. Prospecting and geochemical sampling are now underway in relatively unexplored areas, as follow-up to encouraging new gold and molybdenum anomalies detected in 2012. The goal is to locate and evaluate possible bedrock sources of these metals.Drilling will commence during the first week of August, to extend high-gold copper-gold-silver concentrations within the Aurizon Zone South (AZS) structure. Five or six angled holes will systematically test the near-vertical AZS structure in 25 m step-outs horizontally and vertically below high-grade mineralization in DDH AZS11-29 (8 meter core interval grading 3.6 % Cu, 3.4 g/t Au, 19 g/t Ag including 2.0 meters grading 9.3 % Cu, 8.4 g/t Au and 48.1 g/t Ag).A map showing the location of the planned activity can be found at www.gwrres...