|Fire River Gold Announces $3,000,000 Offering to Increase 2010 Drill Program to 28,000 Metres|
FAU news June 18a 2010
June 18, 2010. Vancouver, Canada -- Fire River Gold Corp. (TSX.V: FAU;
OTCQX: FVGCF; FSE: FWR) (the "Company", "Fire River") wishes to announce
a non-brokered private placement of up to 6,000,000 units at a purchase
price of $0.50 per unit for gross proceeds of up to $3,000,000.
Each unit will consist of one common share and one-half of one
non-transferable share purchase warrant. Each whole share purchase
warrant entitles the holder to purchase one common share of the Company
at a price of $0.75 per share for 18 months, subject to accelerated
expiry, such expiry being accelerated to 30 days in the event the
Company's shares have closed at or above a price of $1.00 per share for
10 consecutive trading days.
A finder's fee may be payable in cash, shares and/or warrants in
relation to this financing, in accordance with regulatory policies. The
foregoing is subject to regulatory approval.
The funds from the private placement will allow the Company to increase
its 2010 drill program from a minimum of 12,000 metres to a maximum of
28,000 metres. The balance of the funds will be used for the ongoing
development work on the Nixon Fork Gold Mine in Alaska and general
About Fire River Gold Corp.
Fire River Gold Corp. is a near term production company with a superior
technical team focused on bringing its flagship project, the Nixon Fork
Gold Mine, back into production within the next 12 months. The Nixon
Fork Gold Mine is a fully permitted and bonded gold mine with past
production values averaging 1.4 opt (42 gpt). Facilities at the Nixon
Fork Gold Mine include a 200 tpd floatation plant with a gravity gold
separation circuit and a sulphide floatation circuit. In 2008, a CIL
gold leaching circuit was purchased and approximately 60% installed.
The mine also includes a fleet of mining vehicles, a self-contained
power plant, maintenance facilities, drilling equipment, an 85 person
camp, office facilities and a 1.5 km long landing strip. Nixon Fork is
located within Alaska's Tintina Gold Belt, which hosts numerous world
Fire River Gold is a member of the International Metals Group
On behalf of the Board of Directors, I look forward to keeping you updated with our corporate developments.
President & CEO
Certain information regarding the Company including management's
assessment of future plans and operations, may constitute forward-looking
statements under applicable securities laws and necessarily involve risks
associated with mining exploration and development, volatility of prices,
currency fluctuations, imprecision of resource estimates, environmental and
permitting risks, access to labour and services, competition from other
companies and ability to access sufficient capital. As a consequence, actual
results may differ materially from those anticipated in the forward-looking
statements. A feasibility study has not been completed and there is no certainty
the disclosed targets will be reached nor that the proposed operations will be
economically viable. 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. We seek
You can view the Next News Releases item: Mon Jun 21, 2010, Fire River Gold Announces 498 g/t (14.52 opt) Gold over 3.0 m (9.8 ft) Nixon Fork, Alaska
You can view the Previous News Releases item: Fri Jun 18, 2010, Fire River Gold Announces 67 g/t (1.95 opt) Gold over 6.3 m (20.7 ft), Nixon Fork, Alaska
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