Cosigo Resources Announces Private Placement And Assembles A Pulverization Mill And Camp Level Metallurgical Gravity Lab
VICTORIA - Cosigo Resources Ltd. ("Cosigo" or the "Company") (TSXV: CSG). The Company wishes to announce a Private Placement of up to CAD$1,000,000. The Private Placement will consist of Units priced at CAD$0.08 with a full warrant priced at CAD$0.15. Each warrant will entitle the holder to purchase an additional common share at a price of CAD$0.15 for a period of 60 months from the date of closing of the Private Placement. The Private Placement is being offered on a non-brokered basis and all Securities will be subject to a statutory hold period of four months and a day from the closing date of the Offering pursuant to Securities laws in Canada and where applicable, the TSX Venture Exchange Hold Period. The Company may pay a finder's fee on a portion of the gross proceeds of the private placement. The Private Placement is subject to the approval of the TSX Venture Exchange.
The Private Placement will include participation by insiders of the Company. The participation in the placement by insiders constitutes a related party transaction (as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101")). The Company relies upon the "Issuer Not Listed on Specified Markets" and "Fair Market Value Not More Than $2,500,000" exemptions from the formal valuation and minority shareholder approval requirements, respectively, under MI 61-101.
The Company intends to use the net proceeds of the Offering to conduct the next level of prospecting, mapping and sampling on the Company's Taraira property, the Willow Creek Nevada property and for general working capital.
Cosigo assembles equipment for on-site prospection level testing.
Cosigo's on-site sample pulverization mill and camp level metallurgical gravity laboratory are near completion. The material from the next drill campaign will first go through a small, motorized sluice channel system designed in Oregon to extract and recover larger gold nuggets, should there be any. Subsequently, the material will be sent through a ball mill designed in Canada and built in Colombia to handle small to medium size samples. After crushing/pulverization in the ball mill, the material will, via a venturi water system, transfer into a Falcon-type 220 volt powered Canadian designed enhanced gravity centrifuge system. As the Falcon type concentrator is industrial size and handles larger samples, Cosigo also recently acquired a smaller more detailed flotation/gravity device, designed and built in Oregon, to recover and attempt to quantify any free gold particles down to approximately 10 microns size. The heavy mineral concentrate, with gold particles where recovered, will leave the material stream and go to the geologists' lab where a digital microscope and gram scales will be used for the final tally. Cosigo now owns 100% of all these Capital Assets and 90 % of the equipment is on site or within country. We expect to have a complete working mill and camp level laboratory by January 15th.
As the costs of international laboratories keeps rising, having this backup on site to process sample quarters or splits to extinction helps identify and prioritize gold-bearing drill core and reverse circulation chip intervals for further shipping to our standard laboratories, such as SGS, ALS or Chrysos, out of country. It also helps prioritize drill targeting with near real-time onsite results while the international laboratories process the remaining material.
Erik Ostensoe, P.Geo., a geological consultant to the Company and a Qualified Person as defined by National Instrument 43-101, has reviewed and approves the scientific and technical disclosure in this news release.
About Cosigo Resources
Cosigo Resources Ltd. is a junior exploration company trading on the TSX Venture Exchange (symbol CSG.V). The Company is focused on exploring and developing the gold potential of its properties in the Taraira District in south-east Colombia near the border of Brazil. The Company also holds a 100% interest in the Willow Creek property, located in the northern sierras of Nevada near Winnemucca, a 100% interest in the Damian property in the Cordillera region of Colombia, and owns 13.26% of DHK Diamonds Inc. a company exploring for diamonds in the DO27 region of the NorthWest Territories of Canada.
To find out more about Cosigo Resources visit our website at www.cosigo.com.
FOR MORE INFORMATION CONTACT:
Cosigo Resources Ltd.
Andy Rendle
President & COO
Andy@Cosigo.com
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 Release.
Cautionary and Forward-Looking Statements
This news release contains forward?looking statements and forward?looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward?looking statements or information. Forward?looking statements and information are often, but not always, identified by the use of words such as "appear", "seek", "anticipate", "plan", "continue", "estimate", "approximate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward?looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the expected timing and terms of the private placement, use of proceeds, anticipated work program, required approvals in connection with the work program and the ability to obtain such approvals. Accordingly, readers should not place undue reliance on the forward?looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.
The forward?looking statements and information contained in this news release are made as of the date of this news release and no undertaking is given to update publicly or revise any forward?looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the TSX Venture Exchange. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
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