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Berkwood Discovers New Mineralized Areas at Prospect Valley and Announces Private Placement
(via Thenewswire.ca) Berkwood Resources Ltd. (TSX-V: BKR) ("Berkwood" or the "Company") is ...
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[{"type":"text","content":"\nBerkwood Discovers New Mineralized Areas at Prospect Valley and Announces Private Placement\n\n(via Thenewswire.ca)\n\n \nBerkwood Resources Ltd. (TSX-V: BKR) (\"Berkwood\" or the \"Company\") is pleased to provide this interim report on the Prospect Valley Gold Property near Merritt, British Columbia. The objective of this year's exploration program is to explore new areas that are suspected of hosting additional gold mineralization, with the objective of generating new targets for drill testing.\n\n\n \nThe initial phase of the 2012 Summer Field Work Program consisting of prospecting and extending the soil sampling grid 1 km to the northeast, along the projected Discovery Zone Trend is now nearing completion. During prospecting several new mineralised outcrops have been discovered. These discoveries extend the prospect areas of the NE Discovery Zone northward and westward. The Prospect Valley Field Team implemented a grid system consisting of 10 soil lines at 100m spacing with 61 soils per line, at 25m spacing. The coverage area of the 2012 soil sampling program overlays the area of newly discovered mineralized outcrops, with the expectation that further mineralized outcrops will be discovered.\n\n\n \nResults of the assays from soil sampling, prospecting, rock sampling and other fieldwork will be released when received by the company. To view maps and photos of the 2012 Field work click here.\n\n\n \nGeorge Gorzynski, P.Eng., a Director of Berkwood and a Qualified Person under the definition of Canadian National Instrument 43-101, is responsible for the technical information in this new release and is monitoring the field program.\n\n\n \nIn addition, the Company has elected not to proceed with the non-brokered private placement of 7.5 million units at 10 cents per unit for the gross proceeds of $750,000, as announced in a news release dated May 22, 2012 due to market conditions. Instead Berkwood proposes a non-brokered private placement of 10 million units at $0.06 cents per unit for gross proceeds of $600,000. Each unit shall consist of one common share and one common share purchase warrant. Each full warrant shall entitle the holder to purchase one additional common share of the company at 10 cents per share for the period of three years from the date of closing. A finder's fee will be payable in accordance with the poli...