Vancouver, British Columbia, August 11, 2011 - Miocene Metals (TSXV:MII) is one of the latest new listings on the TSX Venture Exchange.
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Macquarie Private Wealth acted as agent on Miocene's IPO, which consisted of 6,945,000 units priced at $0.36 per unit, and 6,320,000 flow-through units, priced at $0.40 per unit. Each unit is comprised of one common share and one half of one common share purchase warrant. Each whole warrant is exercisable at a price of $0.50 per common share for a period of two years from the closing date of the offering.
Miocene was created to acquire all of Wallbridge's porphyry copper-gold-molybdenum properties located in southwestern British Columbia. This transaction was modelled after the previous 2005 spin off of Wallbridge's copper-nickel-PGE Minnesota properties, into Duluth Metals. Duluth was subsequently listed on the Toronto Stock Exchange in 2006, and currently trades in the $2.50 range and is capitalization at more than $300 million.
Miocene's property portfolio includes Wallbridge's Rogers Creek copper-gold-molybdenum property plus six other recently acquired properties, all located within a newly recognized belt of Miocene-age intrusive rocks which are highly prospective for copper, gold and molybdnenum.
This belt, known as the Cascades Arc, shares many geological characteristics with the Miocene-age porphyry belt that stretches the length of Chile and Argentina and hosts some of the world's largest porphyry copper-gold-molybdenum deposits including Chuquicamata, El Teniente and Los Bronces.
The company has a 2-phase, $4 million program planned, which will include up to 6,720 metres of drilling on the Rogers, Salal and MacKenzie projects. The company also plans stream and soil sampling on the other projects, Mount Barr, Custer Ridge, Sunshine and Shulaps, which are at the grassroots level, with known mineral showings. The company has addition airborne and ground surveys planned for the Mount Barr property.
Miocene currently trades at $0.30 and with approximately 67,500,000 shares outstanding, is capitalized at approximately $20 million.
For a more information on Miocene Metals, please visit their website at www.miocenemetals.com (http://www.miocenemetals.com/) or phone Linda Zubal at 705-682-9297 oremail lzubal@miocenemetals.com (mailto:lzubal@miocenemetals.com).
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Source: InvestmentPitch via Thomson Reuters ONE
