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Wolfden Resources – 9.82% (WLF - TSX) - Wolfden is a Canadian based mineral exploration and development company that is exploring and developing several significant mineral deposits. The company holds several advanced-stage gold properties including the Bonanza and East Bay deposits located in the prolific Red Lake Mining District in addition to its 100% owned High Lake Deposit; one of the highest grade undeveloped poly-metallic (Copper, Zinc, Gold, Silver) deposits in North America.
Press Release: December 20, 2005 – Wolfden is pleased to announce that it has closed the previously announced offering to Goldcorp Inc. of 3 Million common shares and 3 Million flow-through common shares of Wolfden at a price of $3.60 per share for gross proceeds of $21,600,000. Upon closing of this transaction, Goldcorp holds approximately 9.82% of the Corporation.
The proceeds from the private placement will be used for exploration on Company projects and for general working capital. As part of this arrangement, Goldcorp will assist Wolfden in arranging financing for the development of its High Lake Project and the companies will endeavor to identify potential mutually beneficial acquisition opportunities.
Wolfden holds several advanced-stage gold projects in Canada including the High Lake poly-metallic deposit (copper, zinc, silver, gold) in Nunavut, and two gold projects in the Red Lake gold camp where Goldcorp operates its Red Lake Gold Mine: The Bonanza Gold Project (100% owned), where Wolfden currently has three drills testing a new gold discovery (drill intersections up to 13.27g/t Au across 19.0 meters), is located approximately 3.5km to the east of the Red Lake Mine. The East Bay deposit (Wolfden 50%-Placer Dome 50%) is located in the north part of the Red Lake greenstone belt and is host to a significant gold resource.
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