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Golden Goliath raises C$4 million for expanding silver and gold resource at Las Bolas, Mexico

Published: 04:34 07 Oct 2009 AEDT

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Golden Goliath raises C$4 million for expanding silver and gold resource at Las Bolas, Mexico

Golden Goliath Resources Ltd (TSX-V: GNG) said it is raising C$4 million for expanding the mineral resource at its wholly-owned Las Bolas silver and gold mine in Mexico via the placement of 20 million share units priced at C$0.20 each.

Each unit consists of one common share and one half of one non-transferable share purchase warrant exercisable for a period of two years at a price of $0.30 for each whole warrant.

Once resale restrictions on the shares having expired and upon Golden Goliath’s shares trading at or above a weighted average trading price of C$0.45 for 20 consecutive trading days, the company may choose to call an expiry of the warrants within 30 days.

The exploration program is being designed to expand the existing inferred resource and test the potential target.  The program will include underground development, surface and underground drilling and continued rehabilitation of old underground workings.

In addition, part of the new finds will be earmarked for working capital and to continue advancing the mineral potential of various other targets within the company’s extensive claim holdings covering the historic Uruachic mining camp in the Sierra Madre mountain range of northwestern Mexico. 

Two weeks ago, Golden Goliath reported results of the preliminary NI 43-101 inferred mineral resource report for Las Bolas, putting the top end of the estimate range at 16.36 million tonnes at 213 grammes per tonne for 112 million ounces of silver and the lower end at 6.136 million tonnes at 151 g/t for 30 million ounces.

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