TORONTO, Sept. 14, 2012 /CNW/ - Golden Bridge Mining Corporation ("GBM" or the "Corporation") (TSXV: GBM) is pleased to announce that the Corporation has completed an initial 4 hole (445 metre) exploratory diamond drill program on its Hébécourt Project, located in northwestern Québec, Canada. The Hébécourt Project lies a short distance to the south of the prolific Porcupine-Destor Fault which hosts numerous gold deposits and mines including those found in the Timmins mining camp. The Hébécourt Project, situated in the Abitibi greenstone belt, has the potential for hosting both lode gold shear zone related gold bearing deposits similar to that of Timmins and Kirkland Lake in Ontario, and massive sulphide base metal deposits characteristic of the high-grade Rouyn - Noranda mining camp of Quebec. GBM can earn up to a 50% interest in the Hébécourt Project from Northern Skye Resources Ltd, a privately owned mineral exploration company. Northern Skye Resources is the current operator of the Hébécourt Project.
Northern Skye Resources recently completed an airborne geophysical survey consisting of 298.5 line kilometres of surveying which was followed up by prospecting, geological mapping and sampling to identify priority targets for the Phase 1 drill program. Subsequent geological and geophysical interpretations together with the review of previous historical exploration on the property, including 5,034 metres of historic diamond drilling, suggests that the favourable geological horizon - environment which hosts the nearby Magusi and Fabie Bay base metal deposits potentially may occur across a large part of the Hébécourt Project. The Phase 1 diamond drill program was designed to test certain geological interpretations resulting in the identification of a number of lode gold type and volcanogenic massive sulphide ("VMS") type targets on the Hébécourt Project. Assay results from the drilling program are currently pending.
The Hébécourt Project consists of 91 claims totalling 3,685 ha in northwestern Québec (Hébécourt and Montbray Townships) and is located approximately 640 metres to the east of the Magusi River deposit. The Magusi River deposit is under option to Mag Copper Ltd. ("Mag") and according to Mag's National Instrument 43-101 ("NI 43-101")Technical Report effectively dated March 21, 2012, the Magusi River Deposit contains total indicated mineral resources of approximately 1.31 million tonnes grading @ 1.99% Cu, 4.12% Zn, 42.8 g/t Ag and 1.27 g/t Au, and inferred mineral resources of approximately 0.36 million tonnes @ 3.41% Cu, 0.39% Zn, 24.2 g/t Ag and 0.26 g/t Au. GBM obtained the information with respect to the Magusi River Deposit through publicly available documents posted on Mag's SEDAR profile, however, the Corporation and the qualified person for the Hébécourt Project cannot verify the information and it is not indicative of mineralization on the Hébécourt Project.
GBM believes there is excellent potential for VMS type deposits and lode type shear zone hosted gold deposits on the Hébécourt Project.
Additional technical information with respect to the Hébécourt Project can be found in the Corporation's NI 43-101 technical report entitled "Independent Technical Report, Hébécourt Property, Québec, Canada, Amended", dated April 27, 2012, available on SEDAR. Harold Tracanelli, P. Geo., and Wei Qian, P. Geo are 'Qualified Persons' under NI 43-101 and have reviewed and approved the contents of this news release.
GBM also announces today that it has completed its non-brokered offering of flow-through common shares (the "Flow-Through Shares"). No additional Flow-Through Shares have been sold in addition to the previously announced Flow-Through Shares sold on August 31, 2012. In total, 518,286 Flow-Through Shares were issued at a price of $0.28 per Flow-Through Share pursuant to the offering, for gross proceeds to Golden Bridge Mining of approximately $145,120.
Golden Bridge Mining intends to use the proceeds of the private placement for continued mineral exploration on the Hébécourt Project. With respect to the financing, Golden Bridge Mining CEO, Charles Qin, commented, "We are pleased with the results of our financing efforts despite ongoing volatility in resource capital markets, and grateful for the investor support that made it possible. As a result of this financing, the Corporation is in a strong position to execute its near-term business goals going forward."
In connection with the private placement, Golden Bridge Mining paid a finders' fee of 8% of the gross proceeds of the private placement to certain persons who are at arm's length to Golden Bridge Mining. The Flow-Through Shares are subject to statutory resale restrictions until January 1, 2013.
About Golden Bridge Mining
Golden Bridge Mining is executing a strategy of acquiring Canadian mining properties and exploring and advancing these projects with a clear exit goal in mind - to joint venture or sell the projects to Chinese based mining companies. GBM has established a network of relationships with Canadian mining professionals that have facilitated numerous resource property transactions in Canada. Formerly a capital pool company named Greater China Capital Inc., GBM was incorporated under the laws of the Province of Ontario and is currently engaged in mineral exploration on mineral claims known as the Hébécourt Project in the Province of Québec.
This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws) and "forward-looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such forward-looking statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee" or similar words suggesting future outcomes or statements regarding an outlook. All statements in this news release, other than statements of historical facts, which address exploration activities, financing plans, objectives or goals, and events or developments that the Corporation expects, are forward-looking statements. Forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect, including, but not limited management's expectations regarding its ability to complete its exploration and development as expected, and expected exploration results. Actual results could differ materially due to a number of factors, including, without limitation, continued availability of capital and financing, exploration success or lack of success, commodity prices, operational risks in the completion of the Corporation's continued development work, technical, safety or regulatory issues, and general economic, market or business conditions. Although the Corporation believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Corporation's securities should not place undue reliance on forward-looking statements because the Corporation can provide no assurance that such expectations will prove to be correct. Actual results or developments may differ materially from those projected in the forward looking statements. Also, in order to proceed with the Corporation's exploration and acquisition plans, additional funding is necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate the Corporation's plans. Forward-looking information and statements contained in this news release are as of the date of this news release and the Corporation assumes no obligation to update or revise this forward-looking information and statements except as required by law.
Neither the 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 press release.
SOURCE Golden Bridge Mining Corporation