Press release from TheNewswire.ca
Happy Creek announces Drilling Commenced and First Financing Closed
Tuesday, April 27, 2010
Happy Creek announces Drilling Commenced and First Financing Closed14:18 EDT Tuesday, April 27, 2010(via Thenewswire.ca) April 27, 2010 - Vancouver, British Columbia - Happy Creek Minerals Ltd. (TSX-V: HPY, the "Company") is pleased to announce that drilling of up to 5,000 metres has commenced on its 100% owned Rateria and West Valley property in Highland Valley, B.C. These mineral properties comprise 145 square kilometres that adjoin Teck Resources Highland Valley Copper mine property-Canada's largest copper producer that is currently mining material averaging 0.30% copper. At the Highland Valley mine, a pit wall push back (stripping) and efforts to compensate for pit wall instability are underway to allow mining until the year 2020*. The Company plans to continue to outline and expand by drilling its two recently discovered copper zones and explore several new targets. Results to date from the Rateria property include 177 metres grading 0.37% copper in Zone 2, and 100.0 metres grading 0.29% copper in Zone 1. Higher grade intervals from Zone 1 and 2 include 5.4 metres grading 2.5% copper and 27.0 metres grading 1.05% copper, 0.019% molybdenum, 0.24 g/t (grams per tonne) gold, respectively. Both Zone 1 and 2 remain undefined and open for expansion, with several drill holes ending in mineralization. Recently, the Company announced significant rhenium values in a portion of re-analyzed drill core including 12.0 metres containing 1.38% copper, 0.010% molybdenum, 2.85 g/t rhenium and 7.1 g/t silver, and 38.2 metres containing 0.11% copper, 0.029% molybdenum, and 2.14 g/t rhenium. Core samples have returned up to 19.37g/t rhenium. Rhenium is a rare metal averaging around $6.0 per gram in 2009** and is associated with molybdenum within porphyry copper deposits. "We will see drilling performed on at least three of the Company's properties this year. The primary focus will be on the Rateria and West Valley copper properties in Highland Valley, states David Blann, President of Happy Creek Minerals Ltd. "Drilling is also planned by our JV partner, Jiulian Resources on our Hawk copper-gold property located south of Imperial Metals Mount Polley mine, B.C. And drilling is planned by Spanish Mountain Gold on its Thunder Ridge gold property that adjoins to the south the Company's Golden Ledge property. We are also preparing permits for drilling on our Golden Ledge (gold) and Fox (tungsten-molybdenum) property tentatively planned for later in the summer. This will be an exciting year for us". The Company also announces that it has completed its non-brokered private placement initiated February 24, 2010. Pursuant to the private placement, the Company sold a total of 952,857 units at a price of $0.28 per unit, for aggregate gross proceeds of $266,800 in working capital. Each unit consists of one common share and one non-transferable share purchase warrant. Each warrant entitles the holder to acquire one common share of the Company at an exercise price of $0.42 per share for a period of two years from closing. The shares and warrants comprising the units are subject to resale restrictions and may not be resold until August 20, 2010. If the warrants underlying the units are exercised prior to the expiry of the four month hold period, the shares which are acquired pursuant to the exercise of the warrants will also be subject to any remainder of the unexpired hold period. In connection with the Offering, the Company will pay finders' fees to arms-length finders in the aggregate amount of $17,934. Net proceeds from the Offering will be used for the Company's ongoing exploration programs on its mineral properties and for general working capital. Closing of a second financing announced April 14th is expected shortly. On behalf of the Board of Directors, "David E Blann" ____________________ David E Blann, P.Eng. President David Blann, P.Eng. is a Qualified Person as defined by National Instrument 43-101 and is responsible for the preparation and approval of the technical information disclosed in the news release. *Teck 2009 Annual MD&A and 2010 Q1 MD&A. ** "Rhenium average prices exceed US$6,000 per kilogram as of 2009" (Wikipedia). FOR FURTHER INFORMATION PLEASE CONTACT: Corporate Office: Phone: 604.662.8310 Email: Info@happycreekminerals.com Website: www.happycreekminerals.com Investor Relations:James Berard and Aaron KonkinPhone: 604-687-2767Toll free: 1-877-459-5507 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. This News Release may contain statements that are forward looking and subject to risk and uncertainty more fully described in the Company's Prospectus, Financial Statements and Public Filings located on SEDAR. Copyright (c) 2010 Thenewswire.ca - All rights reserved.