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Vancouver, B.C. June 11, 2012 The Company is pleased to announce today that exploration work is underway on its recently optioned Chance F gold property.
A preliminary Phase 1 program to prepare for drilling later in the year is underway. Exploration crews are conducting this initial program of reconnaissance prospecting and geological mapping throughout the 4,000 acre property. The emplacement of a control grid of approximately 50 line kilometers is nearly complete. Detailed mapping and sampling has commenced, with results to date confirming that the main regional structural corridor which hosts gold-bearing quartz veins elsewhere in the regional belt run through the Chance F claim. This structure has been intersected by numerous cross-cutting faults that have been flooded with quartz. Areas of copper staining have also been observed.
After this initial sampling is concluded, the Phase 1 work will continue with ground 3D IP/Resistivity geophysical work, and then trenching will be completed. It is estimated that the Phase 1 program will require two more months to complete.
To fund this initial exploration program and to add to general working capital the Company is announcing, subject to regulatory approval, a private placement of up to 1,500,000 units at a price of $0.15 per unit. Each unit will consist of 1 common share and 1 share purchase warrant. Each share purchase warrant shall be exercisable into a further common share of the Company at a price of $0.225 for a period of two years from closing. All units issued under this private placement will have a hold period of four months.
88 Capital Corp. is a Company which after having recently completed its qualifying transaction with the acquisition of an option on the Dot-Apex property in British Columbia, decided to focus further exploration efforts on precious metals in Latin America.
The Chance F Claim is a strategic claim located in SW Peru and lies along the Acari district gold trend in the Nazca-Ocono gold belt. It is located along strike from the main mineralized structure that runs through the Acari Mine. To the immediate north of the Chance F claim in this belt are Dynacor's Rio Acari mine and St. Elias's Tesoro Gold Project. This area is known for high grade gold veins.
For additional information on 88 Capital please contact Clodagh O'Rafferty at 604-731-3850.
ON BEHALF OF THE BOARD
88 Capital Corp.
(signed "Robert Coltura"
Robert Coltura
Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release may contain forward-looking statements including, but not limited to, comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statement
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