Press release from Marketwire
Bowmore Commences Exploration Program at La Scie Property, Baie Verte Newfoundland and Closes $700,000 Private Placement
Monday, July 08, 2013
Bowmore Commences Exploration Program at La Scie Property, Baie Verte Newfoundland and Closes $700,000 Private Placement16:48 EDT Monday, July 08, 2013
MONTRÉAL, QUÉBEC--(Marketwired - July 8, 2013) - Bowmore Explorations Ltd. (the "Company" or "Bowmore") (TSX VENTURE:BOW)(FRANKFURT:OB5) is pleased to announce the commencement of a mapping and sampling program at its La Scie property, located along the Baie Verte Peninsula, NL.
A recently completed compilation of all historical work and exploration activities as well as assessment reports from the Newfoundland government identified several gold showings as well as anomalous gold zones. Recent sampling of structurally-controlled quartz veins within the Jason Burton bloc (see news release dated February 13, 2013) returned values up to 56.6 g/t Au. In addition of the two known gold showings, three gold occurrences (up to 1.7g/t), six gold geochemical anomalies, and several faults and folds were identified and will be prioritized for further follow up sampling and detailed mapping.
The program aims to further evaluate the property's gold potential by conducting a first canvass of 300 m spaced traverses using major roads and ATV routes. The Company estimates that ~1000 rock samples will be collected based on property area (114.75 km2) and outcrop exposure. The Company will also focus its exploration activities on the southeast portion of the property (~35km2) which has been underexplored.
The La Scie Property contains base and precious metal indications related to structurally controlled vein systems in addition to the La Scie Quartz Vein which is a testament to hydrothermal activity in the area. As well, the property is underlain predominantly by the Cape St. John Group which is generally considered to be, in part, correlative with the Pacquet Harbour Group (Evans, 2004, and references therein), host to the Rambler deposits, which have produced 106,593 tonnes Cu and 223,008 oz. Au as a by-product.
The Company has closed a $700,000 non-brokered flow-through private placement (the "Placement") with Canadian investors consisting of 2,800,000 units (the "Units") at a price of $0.25 per Unit. Each Unit is comprised of one flow-through common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one non-flow-through common share of Bowmore at a price of $0.40 each until January 8, 2015.
The net proceeds raised from the Placement will be used for eligible Canadian exploration expenses on the Company's mineral exploration properties.
The Company paid aggregate finder's fees of $42,000 (representing a 6% finder's fee paid in respect of the subscriptions placed by the finders) and issued a total of 140,000 share purchase warrants ("Finder's Warrants") (representing 5% of the Units placed by the finders). Each Finder's Warrant will entitle the holder thereof to purchase one common share of Bowmore at a price of $0.35 each until January 8, 2015.
All securities issued pursuant to the Placement will be subject to a four month hold period expiring on November 9, 2013.
Jean-Marie Pronovost, P. Geo, a geologist to Bowmore, is the Qualified Person who has reviewed this news release and has approved the scientific and technical information about the La Scie Property reported herein.
BOWMORE is a Canadian exploration mining company focused on precious metal exploration in Canada and Mexico. The Company trades on the TSX Venture Exchange under the symbol "BOW".
For further information on BOWMORE, visit www.bowmorexploration.com
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.
Forward-looking statements: Except for statements of historical facts, all statements in this news release regarding, without limitation, the Private Placement, new project acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions actual results and future events could differ materially from those anticipated in such statements. Factors that may cause the actual results to differ materially from those in forward-looking statements include precious metal prices, results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, continued availability of capital and financing and general economic, market or business conditions. The Company cautions the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Company's forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Please see the public filings of the Company at www.sedar.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
President & CEO
BOWMORE Exploration Ltd.
BOWMORE Exploration Ltd.