Crown Mining Proposes $120,000 Non-Brokered Private Placement

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[{"type":"text","content":"Crown Mining Proposes $120,000 Non-Brokered Private PlacementToronto, Ontario--(Newsfile Corp. - June 5, 2019) - Crown Mining Corporation (TSXV: CWM) (\"Crown\" or the \"Company\") announces a proposed non-brokered private placement for aggregate gross proceeds of up to $120,000 comprised of up to 2,000,000 units at a price of $0.06 per unit (each such unit being comprised of one common share and one warrant) (the \"Offering\"). Each warrant will entitle the holder to purchase one common share for $0.10 at any time within 3 years after closing subject to an acceleration clause. All securities issued pursuant to this private placement will be subject to a four (4) month hold period. Completion of the Offering is subject to receipt of all required regulatory and TSX Venture Exchange approvals. The Company intends to use the proceeds of the Private Placement for general working capital purposes. About Crown Mining Corp.Crown controls approximately 15 square miles of patented and unpatented federal mining claims in the Light's Creek Copper District in Plumas County, NE California; essentially, the entire District. The District contains substantial copper (silver) sulfide and copper oxide resources in three deposits - Moonlight, Superior and Engels, as well as several partially tested and untested exploration targets. The Superior and Engels Mines operated from about 1915-1930 producing over 161 million pounds of copper from over 4 million tons of rock containing 2.2% copper with silver and gold credits. The Moonlight Deposit was discovered and drilled by Placer Amex during the 1960's. A Preliminary Economic Assessment Study (\"PEA\"), prepared by Tetra Tech Inc., had the following highlights:After-tax NPV of US$179M at a 8% discount rate and a $3.15 copper priceAfter tax IRR of 14.6%Initial Capital Cost: US$513M, including a contingency provision in the amount of US$71MPlant Processing Rate: 60,000 tons per day (STPD)Average Copper Recovery: 86.0%Mine Life: 17 years, based on the existing Mineral Resource estimateLife of mine copper production of 1.5 billion poundsPlease note the PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Furthermore, there is no ...

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