Business
Wega Mining ASA Elects Not To Proceed With Second Investment Of Units
Wega Mining ASA Elects Not To Proceed With Second Investment Of Units.
About this update from Troilus Mining Corp
[{"type":"text","content":"\n\n\n\n(TSX.V:TLG)\n\n\nRICHMOND, BC, Aug. 31 /CNW Telbec/ - Tagish Lake Gold Corp., (TSX-V: TLG)\n("Tagish") announces that Wega Mining ASA has decided not to proceed with the\nproposed second tranche of the investment of C$8,000,000 in common share\npurchase units, as described in the Company's news release of June 26, 2007.\nWega has determined, after review of the technical information, that Tagish's\nproject does not meet the size and other investment criteria set by Wega. Wega\nhas advised that there were no significant issues with the legal and financial\naspects of the Company or mineral resource estimates of the project.\n\n\nWhile pursuing other sources of financing, the Company will continue work\non the environmental assessment report to be filed this fall for permitting of\nproduction from the Skukum Creek deposit, and on the feasibility study\ncurrently being undertaken by Genivar.\n\n\nIn consideration of Wega's decision, the Company will not proceed with\nthe special meeting of shareholders scheduled for Wednesday, September 5, 2007\nat which shareholders were to consider a resolution approving the proposed\nprivate placement by Wega.\n\n\nAbout Tagish Lake Gold Corp.\n\n\nTagish Lake Gold Corp. explores for and develops high grade gold-silver\nmineral deposits in the Yukon Territory of Canada. The Company is currently\nfocused on its wholly owned, 178 km(2) Skukum Mineral District located 80 km\nby road south of Whitehorse. The Skukum Mineral District hosts the Skukum\nCreek gold-silver deposit and the Goddell Gully gold deposit, and has a\ncurrently defined measured plus indicated resource of 1,420,000 tonnes grading\n6.8 g/t Au and 131 g/t Ag (MineTech International Ltd., 2007 Update), and the\nMt. Skukum gold deposit.\n\n\nCertain statements contained in this news release using the terms "may",\n"expects to", "projects", "estimates", "plans", and other terms denoting\nfuture possibilities, are forward-looking statements in respect to various\nissues including upcoming events based upon current expectations which involve\nrisks and uncertainties that could cause actual outcomes and results to differ\nmaterially. The future conduct of the Company's business and the feasibility\nof its mineral exploration properties are dependent upon a number of facto...