RENO, NV, June 28 /PRNewswire-FirstCall/ - Infrastructure Materials Corp. (NASDAQ OTC-BB: Symbol IFAM) (the "Company") is pleased to announce that it closed a US$1,603,831 non-brokered private placement on June 25, 2010. The Company issued 6,973,180 common shares at a price of US$0.23 per share in the private placement.
Proceeds of the private placement will be used to fund the Blue Nose Plan of Operations Drill Program scheduled for early summer, as well as for general corporate purposes. The Blue Nose Project consists of 301 mineral claims covering over 6,000 acres located 90 miles northeast of Las Vegas, Nevada in Lincoln County. The Company is expecting to receive approval of the Plan of Operations from the Bureau of Land Management in the next two weeks, allowing the Company to commence an extensive 25,000 foot drill program with an estimated cost of US$1.2 million. This program is designed to provide the data necessary to calculate an indicated resource and begin pit design engineering. Management believes the Blue Nose Project is well suited to economically reach markets in California, Nevada, Idaho, and Utah.
The Company is of the view that advancements of the Blue Nose Project are well timed to meet upcoming cement market recovery. Late this month, a Nevada State Legislative Committee recommended the creation of a new north-south Interstate 11 freeway incorporating portions of US Highways 93 and 95 and running from Las Vegas to Reno. Additionally, plans progress toward the development of a US$3.5 billion high speed train between Las Vegas and Los Angeles. Both proposed construction developments are within close proximity to the Blue Nose Project.
Infrastructure Materials Corp. is an exploration stage mining company that is directing its efforts to the exploration and development, if warranted, of cement grade limestone deposits in strategic locations in the United States and Canada.
FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements" within the meaning of U.S. securities laws. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate," "estimate" and other similar words or statements to the effect that certain events or conditions "may", "have" or "will" occur. This release also contains statements based upon historical records pertaining to our mineral claims that have not been verified by the Company. The term, "resource" is not a term that is recognized by SEC guidelines and does not rise to the level of certainty required by SEC guidelines. Forward-looking statements or references to historical records are based on the material in our possession, opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those stated or projected in this press release. The Company undertakes no obligation to update forward-looking statements or historical information. The reader is cautioned not to place undue reliance on forward-looking statements.
SOURCE Infrastructure Materials Corp.