PJX Resources Announces Private Placement And Exploration Update On Cranbrook Gold Properties
Toronto, Ontario – August 17, 2012 – PJX Resources Inc. (“PJX”) is pleased to announce a non-brokered private placement of 6.5 million units for total proceeds of up to $1.3 million through the issuance of flow through (“Flow Through Unit”) and non-flow-through units (“Unit”) at a price of $0.16 per non-flow through unit and $0.20 per flow through unit. Each Unit, whether acquired as part of a Unit or a Flow Through Unit, will consist of one common share and one non-transferable common share purchase warrant. Each warrant will entitle the holder to purchase one common share at an exercise price of $0.25 for 24 months following completion of the offering.
The private placement, and any modifications to it, are subject to compliance with applicable securities laws and to receipt of the approval of the TSX Venture Exchange. The Company may pay finders’ fees in accordance with the policies of the TSX Venture Exchange. The proceeds from the issuance of the Flow-Through Units shall be used to fund exploration expenditures on the Company’s Canadian mineral projects and will qualify as Canadian exploration expenses (as defined in the Income Tax Act). The Company intends to use the net proceeds of the offering for expenditures on the Cranbrook, British Columbia Properties and for general working capital.
The Company reserves the right to increase the size of the private placement or to modify the type, nature and/or price of the units for any reason.
“This is an exciting time for PJX as we prepare to test for the first time newly discovered targets that could be the source of gold found in local creeks. The new large target areas were only identifiable after compiling historical work with new mapping and modern airborne and other exploration technologies. It has been over 140 years since gold was first discovered in creeks around Cranbrook. Testing of these new targets may validate the gold potential of the local mountains that prospectors have talked about since 1864.” states company President and CEO John Keating.
Multiple target areas with gold and base metal potential on the Eddy property will be the first to be tested by drilling this fall. Mapping and exploration on the Zinger and Dewdney Trail properties have identified target areas with potential to host large sediment-hosted gold deposits. Results of this and additional work will be used to further define the targets for trenching and/or drilling. Historical drill data on the Vine occurrence has been digitized. Computer modeling of the drill holes will be used to define drill targets to expand existing mineralized zones on strike and at depth. Additional exploration is also planned to define targets for testing on other parts of the Cranbrook properties.
The foregoing geological disclosure has been reviewed by John Keating, P.Geo. (a qualified person for the purpose of National Instrument 43-101 Standards of Disclosure for Mineral Projects). Mr. Keating is the President, CEO and a Director of PJX.
About PJX Resources Inc.
PJX is a mineral exploration company focused on building shareholder value and community opportunity through the exploration and development of mineral resources with a focus on gold. PJX’s primary properties are located in the historical mining area of Cranbrook and Kimberley, British Columbia.
Please refer to our web site http://www.pjxresources.com for additional information.
FOR FURTHER INFORMATION PLEASE CONTACT:
Linda Brennan, Chief Financial Officer
This News Release contains forward-looking statements. Forward looking statements are statements which relate to future events. Forward-looking statements include, but are not limited to, statements with respect to exploration results, the success of exploration activities, mine development prospects, completion of economic assessments, and future gold production. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, believes”, “estimates”, “predicts”, “potential”, or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking-statements.
Although PJX has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
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.