Orestone Mining Corp. (TSX Venture Exchange–Symbol: ORS) (the “Company”) is pleased to announce that it has completed its previously announced non-brokered private placement (the “Private Placement”) by issuing a total of 4,900,000 units (“Units”) at a price of $0.05 per Unit for aggregate gross proceeds of $245,000. Two executive officers and one director of the Company subscribed for a total of 4,000,000 Units under the Private Placement.
Each Unit consisted of one common share of the Company and one common share purchase warrant that is exercisable for one common share of the Company at a price of $0.10 until July 11, 2013.
The common shares and warrants comprising the Units issued pursuant to the Private Placement and the common shares issuable upon exercise of the warrants are subject to a hold period that expires on November 12, 2011.
The closing of the insiders’ subscriptions for Units occurred less than 21 days from the date hereof in order for the Company to close the insiders’ subscriptions concurrently with the other subscribers. The Private Placement is subject to the final approval of the TSX Venture Exchange.
Orestone controls four gold and gold-copper projects totaling more than 680 square kilometers in the Stikine and Quesnel Terranes of northern British Columbia, including the 40,000 hectare Captain Gold Project, which adjoins Thompson Creek’s Mt. Milligan copper gold project that is under construction.
The Quesnel Terrane extends from the US border to northern B.C. and 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.
The Todd Creek gold copper project occurs within the favorable Hazelton Group stratigraphy and associated suites of intrusions southeast of Pretium Resources’ Brucejack and Snowfield Properties. In addition to these active exploration projects, this geological environment hosts many large and significant mineral deposits including Seabridge’s KSM Deposits, Granduc, and Eskay Creek.
ON BEHALF OF ORESTONE MINING CORP.
President and CEO
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 News Release. This news release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.
For further information contact: David Hottman or Mehran Bagherzadeh, Corp. Comm at 604-629-1929 | firstname.lastname@example.org
750 - 625 Howe Street, Vancouver, BC V6C 2T6, Canada | Phone: 604-629-1929 | Fax: 604-629-1930 | www.orestone.ca