TSX-V: ORS December 23, 2009 - Orestone Mining Corp. (“Orestone” or the “Company”) is pleased to announce that it has closed the private placement announced on October 9, 2009. A total of 6,668,000 units (the “Units”) were sold at a price of $0.10 per Unit for gross proceeds of $666,800. Each Unit consists of one common share and one-half of one common share purchase warrant (the “Warrants”). Each Warrant entitles the holder to purchase one additional common share for 24 months from the date of closing at a price of $0.15 per share.
Finder’s fees of $41,920 were paid to finders. Finders also received 316,400 share purchase warrants entitling them to purchase up to 316,400 common shares for 24 months from the date of closing at a price of $0.15 per share.
The securities are subject to a hold period expiring on April 19, 2010.
The proceeds of the private placement are to be used to finance exploration programs on Orestone’s B.C. projects and for general working capital.
Orestone is presently exploring three large claim blocks in northern B.C and one claim block in southern B.C., all within the Quesnel Terrane, which extends from the US border to northern B.C. The Quesnel Terrane hosts numerous mines and many developing bulk tonnage Cu-Au prospects, such as those on the Mt. Milligan and Kwanika properties in north-central B.C. It is also host to sediment-hosted gold mineralization on the Spanish Mountain and Frasergold properties in south-central B.C., as well as gold vein deposits throughout B.C. For further information contact Gordon Richards, the President of Orestone, at (604) 940-6466 or Jim Mitchell, a director of Orestone, at 1-604-796-9418.
ON BEHALF OF THE BOARD OF DIRECTORS OF ORESTONE MINING CORP.
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