Webequie First Nation launching site for 600 sq km of mining exploration in James Bay region
Press release ...
MacDonald Closes Strategic $10 Million Brokered Financing With Key Mining Individuals-Preparation Underway for November Drill Program
TORONTO, ONTARIO--(Oct. 31, 2007) - MacDonald Mines Exploration Ltd. (TSX VENTURE:BMK)
The $10,000,000 private placement financing previously announced on October 26, 2007 has been completed.
The Company is pleased to welcome Robert McEwen - Chairman & CEO, US Gold Corporation, Pinetree Capital Ltd. headed by Chairman & CEO - Sheldon Inwentash, Pierre Lassonde - Chairman, Franco-Nevada Corporation, and Randall Oliphant - Chairman, Western Gold Fields Inc. as shareholders and strategic investors in MacDonald Mines.
The proceeds will be used to fund exploration programs on the Company's James Bay properties and for working capital purposes.
EXPLORATION PROGRAM
The land package currently held by MacDonald Mines in James Bay in whole or with Joint Venture Partners is over 600 square kilometres. This ground is largely on favourable geology which is similar to that which hosts the Noront Resources nickel discovery.
MacDonald Mines' management and exploration personnel believe very strongly in the James Bay Nickel opportunity. The Company has demonstrated this through its recent strategic land acquisition and in quickly mobilizing an exploration program which includes a 9,000 kilometer airborne survey over its newly acquired properties and a drill program of 2,000 meters.
The airborne survey is in progress, grids have been cut and ground survey and drill crews will be mobilized into the James Bay area later this week with drilling to begin shortly thereafter. We will once again utilize the First Nations Community of Webequie as our base camp for this program.
For more information, please contact
MacDonald Mines Exploration Ltd.
J. A. Kirk McKinnon
President and Chief Executive Officer
(416) 364-4986
or
MacDonald Mines Exploration Ltd.
Richard Schler
Vice President & Chief Financial Officer
(416) 364-4986
(416) 364-2753 (FAX)
Email: info@MacDonaldMines.com.
Website: www.MacDonaldMines.com