Jun. 18, 2010 (Filing Services Canada) -- Vendome Resources Corp. (VDR - TSX Venture), is pleased to announce that it has requested price protection from the TSX Venture Exchange with regards to a non-brokered private placement for up to $600,000 at $0.06 per unit. Each unit will be comprised of one share and one share purchase warrant series H1 ("SPW Series H1"). Each SPW Series H1 will be exercisable at $0.10 for the first year subsequent to the closing and at $0.15 for the second year, at which time it will expire on the second anniversary of the closing of this private placement. The proceeds raised will be used for working capital.
Mr. Kozich, President and Chief Executive Officer of Vendome, states that "with these additional funds the company will be able to expand its exploration program on the Guibord property as well as consider additional concession for acquisition".
The above mentioned private placements are subject to final approval from the TSX Venture Exchange.
Information about the Guibord Property
The Guibord Property (the "Property") is located in the Abitibi Greenstone belt, which hosts the Porcupine and Kirkland Lake mining camps. The Property is approximately 1,280 acres (518 hectares) in size and consists of 32 unpatented mining claims within the confines of four claim block numbered 1200195 to 12001198 inclusive. The blocks are located in the northwest quarter of Guibord Township, Larder Lake Mining Division, District of Cochrane, Ontario.
The Property lies approximately 80 kilometres east of the City of Timmins, 16 kilometres east of the Town of Matheson and 45 kilometres northwest of the Town of Kirkland Lake. The Property's approximate centre is located at 48 degrees 31 minutes North Latitude and 80 degrees 14 minutes West Longitude.
Direct access to the Property is via Provincial Highway 101, east from Matheson, to where it crosses the northeast corner of claim 1200195. Access to the central part of the Property is by a bush road that starts at Highway 101 and runs south through the Property from the centre of the north boundary of claim 1200195.
In 1946, Gui-por Gold Mines drilled two holes on the Property (claim 1200196) that intersected lamprophyre, sediments with pyrite, quartz-carbonate veins and pyrrhotite. No values were reported. Also in 1946 Hislop Gold Mines drilled one hole in the north half of claim 1200198 that intersected quartz veins with pyrite in sediments and syenite and, again, no values are reported. In 1950, Broulan Porcupine Mines drilled a hole into a diabase dike. The collar of the hole was located about 400 metres (1,320 feet) south of Hwy 101 on claim 1200195. Between 1984 and 2000 a number of companies explored an auriferous occurrence referred to as the Pangea deposit or Fenn-Gibb property. This deposit is found within lots 6 and 7, Concession VI, Guibord Township, immediately south of Highway 101. The Fenn-Gibb property adjoins the Property claim 1200195, to the east.
Between March, 1994 and March, 1996 Tandem Resources Ltd. and NAR Resources Ltd. funded the following work on the Property for the results of which are all on file with the Ontario Ministry of Northern Development and Mines and available for public scrutiny.
The exploration objective of the foregoing drilling programs was to locate economic concentrations of auriferous mineralization hosted in sub-vertical sheared or fracture-related zones. The geophysical objectives were to locate and delineate, zones of metallic mineralization by their electromagnetic responses and magnetic signatures.
This work included the following: 61.6 kilometres of line-cutting over the entire property; 61.6 kilometres of magnetic and 61.525 kilometres of VLF-EM (very low frequency electromagnetic) surveys over the entire Property; Induced Polarization (IP) and Resistivity surveys which included the collection and processing of 32 line kilometres over claims 1200195 and 1200196, and the west half of claim 1200197; 372 metres of reverse circulating drilling; and 18,051 feet (5502 metres of diamond drilling). This programme confirmed that gold, intimately associated with pyrite, frequently occurs on the Property but failed to delineate an economic deposit.
In January 2006, Richmond Minerals Inc. acquired the Property from Tandem Resources Ltd. In the spring and summer of 2006, Richmond focused its exploration work on claim 1200195 by completing 31 kilometres of line-cutting and total field magnetic surveying, followed by 1,047 lineal metres of diamond drilling in four holes. Anomalous zones of gold were identified in three of the four holes drilled during this programme. The gold values obtained during this drilling programme were sub-economic.
These findings have been confirmed in a National Instrument 43-101 compliant geological report of the Property provided by Mr. M.W. Rennick, P.Eng. Mr. Rennick is independent of the Corporation and Richmond. That report and this press release has been reviewed by Mr. Stanley Hawkins who is a Qualified Person as defined within National Instrument 43-101.
Certain statements in this document constitute "forward-looking statements" within the meaning of various security legislation inclusive of but not limited to the United States Private Securities Litigation Reform Act of 1995 and/or "forward-looking information" under the Securities Act (Ontario). These statements include, without limitation, statements regarding the status of development or expenditures relating to our business, plans to fund our current activities, statements concerning our partnering activities, exploration regulatory submissions, strategy, future operations, future financial position, future revenues and projected costs. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "expects", "plans", "anticipates", "believes", "estimated", "predicts", "potential", "continue", "intends", "could", or the negative of such terms or other comparable terminology. We made a number of assumptions in the preparation of these forward-looking statements. You should not place undue reliance on our forward-looking statements, which are subject to a multitude of risks and uncertainties that could cause actual results, future circumstances or events to differ materially from those projected in the forward-looking statements. These risks include, but are not limited to, securing and maintaining corporate alliances, the need for additional capital and the effect of capital market conditions and other factors, including the current status of our programs, on capital availability, the potential dilutive effects of any financing, the timing of our programs to explore, develop and commercialize our products, the timing and costs of obtaining regulatory approvals, our estimates regarding our capital requirements and future revenues, the timing and amount of investment tax credits, and other risks detailed from time to time in our public disclosure documents or other filings with the securities commissions or other securities regulatory bodies in Canada and the U.S as well as abroad. Additional risks and uncertainties relating to the Corporation and our business can be found in the "Risk Factors" section of our Filing Statement dated April 8, 2010, as well as in our other public filings. The forward-looking statements are made as of the date hereof, and we disclaim any intention and have no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Franz Kozich Claude Ayache
Vendome Resources Corp. Exadyn Consultants Inc.
T: (416) 603 - 2114 ext. 221 T:(416) 667 - 0909
E: vendome@exadyn.com
VENDOME RESOURCES CORP.
133 Richmond Street West Suite 403
Toronto, Ontario M2H 2L3
T: (416) 667 ? 0909
vendome@exadyn.com
Source: Vendome Resources Corp. (VDR-TSX-V)
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