BANYAN GOLD CORP. ("Banyan"), wishes to announce that it has completed a non-brokered private placement of 2,000,000 Units for gross proceeds of $200,000. Each unit consists of one $0.10 share and one-half of a share purchase warrant exercisable at $0.15 for a period of 12 months. A finders fee of 6% is payable in connection with this transaction. Funds will be used for general working capital and advancement of Banyan’s Hyland Gold Project.
Banyan is a gold exploration and development company whose flagship property, the Hyland Gold Project (“Hyland”), is approximately 70 km NE of Watson Lake, Yukon. The Main Zone gold inferred resource, at a 0.6 g/t gold equivalent ("AuEq") cutoff, hosts a NI 43-101 compliant resource of 12,503,994 tonnes containing 361,692 ounces gold at 0.9 g/t and 2,248,948 ounces silver at 5.59 g/t for a combined gold and silver 396,468 ounces gold equivalent. Based on the success of previous exploration and numerous untested drill ready targets Banyan management foresees potential for a significant regional exploration.
Paul D. Gray, P.Geo. is Banyan's Qualified Person with respect to Hyland and has reviewed and approved this press release.
ON BEHALF OF THE BOARD OF BANYAN
(signed) "Richmond Graham"
President and Chief Executive Officer
For more information, please contact:
Tel: (604) 648-8450
Email: [email protected]
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
Statements in this news release regarding Banyan which are not historical facts are “forward-looking statements” that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations.