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PJX Resources announces $1.3 mln private placement, provides update on Cranbrook gold properties

Published: 11:32 17 Aug 2012 EDT

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PJX Resources (CVE:PJX) Friday announced a non-brokered private placement worth $1.3 million, and provided an update on its gold properties in Cranbrook, B.C.

The company said the proceeds will be used to fund exploration expenditures on its Canadian mineral projects. 

The private placement is for 6.5 million units through the issuance of flow and non-flow-through units at a price of 16 cents per non-flow through unit, and 20 cents per flow through unit.  

Each unit, whether acquired as part of a unit or a flow through unit, will consist of one common share and one non-transferable common share purchase warrant. 

Each warrant will entitle the holder to purchase one common share at an exercise price of 25 cents for two years following completion of the offering. 

PJX said the placement is still subject to necessary approvals.

In an exploration update, PJX president and CEO John Keating said it is “an exciting time for PJX” as the company prepares to test for the first time newly discovered targets “that could be the source of gold found in local creeks”. 

The new large target areas were only identifiable after compiling historical work with new mapping and modern airborne and other exploration technologies, said PJX.

“It has been over 140 years since gold was first discovered in creeks around Cranbrook,” noted Keating.

“Testing of these new targets may validate the gold potential of the local mountains that prospectors have talked about since 1864.”

Multiple target areas with gold and base metal potential on the company’s Eddy property will be the first to be tested by drilling this fall.  

PJX also said mapping and exploration on the Zinger and Dewdney Trail properties have identified target areas with potential to host large sediment-hosted gold deposits.   

Results of this and additional work will be used to further define the targets for trenching and/or drilling.  

Historical drill data on the Vine occurrence has been digitized, PJX said, adding that computer modeling of the drill holes will be used to define drill targets to expand existing mineralized zones on strike and at depth. 

Additional exploration is also planned on other parts of the Cranbrook properties. 

PJX is a mineral exploration company focused on the exploration and development of mineral resources with a focus on gold. Its primary properties are located in the historical mining area of Cranbrook and Kimberley, B.C.   

 

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