Crown Gold Announces Completion of $100,000 Non-Brokered Private Placement
TORONTO, ONTARIO -- (Marketwire) -- 02/15/12 -- Crown Gold Corporation ('Crown' or the 'Company') (TSX VENTURE: CWM) announces the completion of a previously announced non-brokered private placement for aggregate gross proceeds of $100,000 comprised of 2,000,000 units at a price of $0.05 per unit (each such unit being comprised of one common share and one warrant) (the 'Offering'). Each whole warrant will entitle the holder to purchase one common share for $0.10 at any time within 9 months after closing subject to an acceleration clause. All securities issued pursuant to this private placement are subject to a four (4) month hold period. Completion of the private placement is subject to receipt of all required regulatory and other approvals.
The gross proceeds from the Offering will be used for working capital purposes.
About Crown
Crown Gold is exploring for high grade gold and silver deposits in Nevada and Ontario.
In Nevada, Crown has NI 43-101 compliant inferred resource at Monte Cristo of 3,158,347 tonnes at a grade of 3.02 g/t gold at a 0.5 g/t gold cut-off, a total of 306,000 ounces. At Sugarloaf Peak, the Tip Top Mine has a 43-101 compliant indicated resource of 353,100 tonnes at a grade of 3.27 g/t gold at a 1.0 g/t gold cut-off, a total of 37,000 ounces. In addition, an inferred resource amounts to 293,500 tonnes at a grade of 2.47 g/t gold, also at a 1.0 g/t cut-off, a total of 23,000 ounces.
In Ontario, Crown continues to evaluate both high-grade, underground, gold potential of a quartz vein system as well as larger tonnage, open pit gold potential on its McKenzie Island property at Red Lake.
Dr. Anthony Taylor, a Certified Professional Geologist, is designated as the Qualified Person under National Instrument 43-101 and has reviewed and approved the technical contents of this news release.
This press release contains forward-looking statements within the meaning of applicable Canadian and U.S. securities regulation, including statements regarding the future activities of the Company. Forward-looking statements reflect the current beliefs and expectations of management and are identified by the use of words including 'will', 'anticipates', 'expected to', 'plans', 'planned' and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward-looking statements is subject to a number of risks, including those described in the Company's management discussion and analysis as filed with the Canadian securities regulatory authorities which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward-looking statements.
Neither 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.
Contacts:
Crown Gold Corporation
Mr. Stephen Dunn
President and CEO
(416) 361-2827
Crown Gold Corporation
Dr. Anthony Taylor
Executive Chairman
(775) 284-7200
info@crowngoldcorp.com
www.crowngoldcorp.com
