Vendetta Mining Corp. Increases Previously Announced Financing to $2 Million

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[{"type":"text","content":"Vendetta Mining Corp. Increases Previously Announced Financing to $2 MillionVANCOUVER, BC / ACCESSWIRE / April 19, 2016 / Vendetta Mining Corp. (TSXV: VTT) (\"Vendetta\"; or the \"Company\";) is pleased to report that the previously announced financing (see news release #1 - March 3rd 2016) has been extended and increased to $2 million. Pursuant to the increased financing, the Company plans to issue up to 40 million units at $0.05 per unit to raise gross proceeds of $2.0 million (subject to TSX Venture Approval). Each unit will comprise one common share and one common share purchase warrant at an exercise price of $0.10 for a period of two years following the closing of the financing. The proceeds of the private placement will be used to advance the development of the Pegmont Lead-Zinc Sulphide project. The 2016 Program will include metallurgical and resource development drilling at the newly discovered near surface Burke Hinge Zone and within Zone 5 (areas of increasing zinc grade), metallurgical test work, property payments and for general working capital.Vendetta also intends to update the NI 43-101 Mineral Resource Estimate in Q4 2016. The Company will incorporate the proposed 2016 drilling and metallurgical work and also the results from 6,500 m of drilling completed in the Burke Hinge Zone and Zone 5 since the February 2014 NI 43-101 Mineral Resource Estimate on Zones 1 to 4 (see below). About PegmontThe Pegmont lead-zinc-silver deposit is located in North West Queensland Mineral Province, 175 km south-east of the major mining center of Mount Isa, and 25 km west of South32's Cannington silver-lead-zinc operation and 28 km north of Chinova Resources' Osborne and Kulthor copper-gold operations. It is proximate to infrastructure including roads, rail, and natural gas for power generation. Pegmont is a multiple lens, stratiform Broken Hill style deposit that outcrops with an overall shallow dip to the south east and is hosted in a magnetite rich banded iron formation within high grade metamorphic rocks. The project consists of three granted mining leases and two exploration permits that cover an area of approximately 3,468 ha.Highlights of the drill results from Burke Hinge Zone and Zone 5 are presented in Table 1 below and the February 2014 NI 43-101 Mineral Resource Estimate on Zones 1 to 4 in Table 2. Table 1. Highlights of...

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