LONDON, Dec. 13, 2010 /PRNewswire-FirstCall/ --- Tuffnell Ltd. (Tuffnell or "the Company") (OTC Bulletin Board: TUFF) is pleased to announce that it has secured private placement financing, pursuant to Regulation S of the Securities Act of 1933, in the amount of $100,000. The placement consists of the sale of one hundred and sixty six thousand (166,667) shares of common stock at .60 per share and warrants to purchase, an additional 166,667 shares of common stock at $1.00 per share. The securities sold pursuant to the private placement have not been registered with the Securities and Exchange Commission ("SEC"). Because the private placement was conducted pursuant to Regulation S, the securities may not be resold except upon registration with the SEC and/or in compliance with Regulation S or pursuant to another applicable exemption from registration. The financing will provide the Company with operating capital towards its phase 2 exploration at its little Butte Gold project in Arizona. The first phase at Hole LB1010, discovered high-grade gold/copper mineralization under thin gravel cover which contained 15 feet averaging 0.25 oz/ton gold between 20 and 35 feet and an additional 50 feet averaging 0.10 oz/ton between 45 and 95 feet. The gold intercepts include 5 feet averaging 0.59 oz/ton. In addition the hole contains 95 feet averaging 1.13% copper between 10 and 105 feet depth including 15 feet averaging 4.41% copper.
Shareholders and the public are encouraged to visit www.tuffex.com for more information and to request an Investor Package.
About The Company
Tuffnell Ltd. (OTC BB: TUFF) is a mineral exploration company exploring and developing low-cost gold assets in proven mining districts. With a focus primarily on the State of Arizona, Tuffnell Exploration has put together a team of highly qualified, strongly motivated individuals with the experience required to advance our corporate vision.
Based on geological potential, infrastructure proximity, and previously undertaken exploration, Tuffnell Ltd selects properties of merit so as to provide its shareholders with the highest probability of success. The company's main property, known as Little Butte, is located in La Paz county Arizona and has previous exploration history indicating that resources are present and the prospect for economic recovery of gold support management's decision to proceed with further exploration. Tuffnell holds a 100% option to 85 unpatented mining claims and 7 patented claims. Total Land holdings including patented claims total 1,840 acres or 2.88 square miles.
The Little Butte project lies in the historic Plomosa District, 20 miles north of the town of Quartzite, Arizona and approximately 150 miles southeast of Las Vegas, Nevada. Based solely on historical records and drilling data from the former claim holder, the Company believes its property has the potential to host up to 1.0 million oz of gold. Little Butte is located in the world famous Walker Lane Gold Trend. The Walker Lane gold belt has historically produced over 50 million ounces of gold and 400 million ounces of silver.
Safe Harbour Statement:
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan," or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.
The forward-looking statements which involve risks and uncertainties that include, among others, limited operating history, limited access to operating capital, factors detailed in the accuracy of geological and geophysical results including drilling and assay reports; the ability to close the acquisition of mineral exploration properties, and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. More information is included in the company's filings with the Securities and Exchange Commission, and may be accessed through the SEC's website at www.sec.gov.
CONTACT: Investor Relations 1-800-459-0794
SOURCE Tuffnell Ltd.