FAU news Nov 11 2009
November 11, 2009
Vancouver, Canada -- Fire River Gold Corp. (the "Company", "FAU") (CNSX: FAU)
is pleased to announce, that further to its news releases dated June 19, 2009, July 27, 2009, September 17, September 29, 2009 and October 23, 2009, the Company has completed the fifth and final tranche closing pertaining to its non-brokered private placement and has issued 438,000 units at a purchase price of $0.30 per unit for gross proceeds of $131,400.
Each unit consisted of one common share in the capital of the Company and one-half of one share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of the Company for a period of eighteen (18) months from the date of issue at an exercise price of $0.40 per share. In connection with this fifth tranche closing, the Company has not paid any finder fees. In compliance with Canadian Securities Law all securities issued in connection with this fifth tranche closing are subject to a hold period which will expire March 11, 2010.
About Fire River Gold Corp.
Fire River Gold Corp. ("FAU") completed its IPO at the end of May 2009. FAU is the newest member of the International Metals Group (IMG) and has access to a well established team with over 100 years of experience working in Alaska. The primary focus of FAU is the exploration and development of gold projects in North America. The recently acquired Nixon Fork Gold Mine in Alaska has the potential to be a near term gold producer. The Company is presently negotiating additional advanced stage gold projects in North America. Management's objective is to make FAU a North American gold producer in the next 18 months.
Nixon Fork Property
Highlights about Nixon Fork Gold Project
Turn key mining operation
Mine fully permitted and bonded
Multi million dollar expenditures to date on equipment and facilities
Significant exploration upside
The recently acquired Nixon Fork Gold Mine in Alaska has the potential to be a near term gold producer. For further information, please refer to FAU's news releases dated and June
29, 2009; August
13, 2009; North of 60 Mining News (Sept.
27, 2009) and the recent article written by the Northern Miner (Oct
A budget of CDN$1.25 million has been allocated and is in progress with the objective of conducting a re‐evaluation of mine reserves/resources, metallurgy, tailings production scenarios, financial analysis and updating the exploration plan going forward. Announcements regarding the re- objectives will be forthcoming.
Golden Zone Property
Highlights about Nixon Fork Gold Project
NI 43-101 compliant mineral resource
Excellent Infrastructure, road access to property, 12 miles from major highway and railroad, power nearby.
In an effort to continue to add to the Company's overall gold ounce bank and development schedule, on October 8, 2009, the Company has completed a formal option agreement ("FOA") on the Golden Zone Project with Hidefield Gold PLC and Mines Trust Company (the "Optionors"). The project is located 240 km north of Anchorage, Alaska on the south flank of the Alaska Range and is road accessible.
The Golden Zone project is an advanced stage gold-copper-silver system with approximately 20,100 meters of drilling, extensive trenching, soil sampling grids, multiple geophysical surveys, and metallurgical samples collected from core and the underground workings in the main Breccia zone.
A US$250,000 2009 program was completed and consisted of a trenching and mapping program that assayed for gold silver and copper. The trenching program was to test the southern extension of the Breccia Pipe mineralized zone. For further information on the Golden Zone Project, please refer to FAU's news release dated October 8, 2009
FAU has commenced with an initial Phase I work program consisting of surface exploration program, detailed rock sampling, mapping, rock chip sampling and metallic sieve analysis on selected samples and is continuing to move forward with the Phase I exploration on its 100% owned Draken Project.
Please refer to www.firerivergold.com for further information on the Draken Property.
Kansas Creek Property
Management is currently re-evaluating the data on the Kansas Creek Property with the objective of outlining a Phase I exploration program. Management expects to have recommendations and the commencement of Phase I exploration program for the spring of 2010.
For further information on the Kansas Creek Property, please refer to FAU's news release dated June
On behalf of the Board of Directors
President & CEO
The Canadian National Stock Exchange has not reviewed and does
not accept responsibility for the adequacy or accuracy of this release
Disclaimer: This news release may contain certain "forward-looking
statements". All statements, other than statements of historical fact,
included herein are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such statements. Important factors that could cause actual
results to differ materially from the Company's expectations are disclosed in
the Company's documents filed from time to time with the British Columbia
Securities Commission and available at www.sedar.com or filed with the Canadian
National Stock Exchange. Any forward-looking statements are not guarantees of
the Company's future performance and are subject to risks and uncertainties that
could cause actual results, developments, and business decisions to differ
materially from those contemplated by any forward-looking statements.
Except as required by law, the Company undertakes no obligation to update any