Shamrock Enterprises Files NI-43-101 Technical Report and Arranges Private Placement Offering of Up to 8,000,000 Units
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 12, 2012) - Shamrock Enterprises Inc. ("Shamrock" or the "Company") (CNSX:SRS) is pleased to announce that it has filed an NI 43-101 compliant Technical Report (the "Technical Report") in respect of the Fireweed Property located approximately 80 km north of Smithers, B.C. in the Omineca Mining District of British Columbia.
The Technical Report, entitled "Technical Report On The Fireweed Property, Babine Lake Area, Omineca Mining Division" was co-authored by Marvin A. Mitchell, P.Eng. and W.A. Howell, P.Geo., who are "qualified persons" as defined by National Instrument 43-101. The Technical Report is dated effective July 19, 2012 and may be found under the Company's profile on SEDAR at www.sedar.com.
The Company also announces that it has arranged a non-brokered private placement offering of up to 8,000,000 Units at $0.15 per Unit for gross proceeds of up to $1,200,000. Each Unit consists of one common share and one-half common share purchase warrant. Each whole Warrant shall be exercisable to acquire an additional common share for a two year period, at $0.25 per share in the first year and at $0.35 per share in the second year. The Company may pay to authorized persons who locate and introduce investors a cash commission of 7% of the gross proceeds received. In addition, the Company will grant up to 560,000 half Warrants based upon the Offering being fully subscribed. Each whole Warrant is exercisable into one share for a two year period from the date of issuance of the Warrants with at an exercise price of $0.25 per share during the first year, and an exercise price of $0.35 per share during the second year.
The Company intends to use the net proceeds to carry out the Phase 1 and 2 work programs as recommended in the Technical Report, and to apply the balance to property payments and unallocated working capital.
About Fireweed: The Fireweed Property is a polymetallic (Ag, Zn, Pb, Cu, Au) discovery of massive sulphide and sulphide replacement type mineralization. The region has seen active mineral exploration since the turn of the century with numerous producers. Examples are the Granisle Mine (10 km to the southeast), Bell Copper Mine (5 km to the east) and the undeveloped Morrison Deposit (17 km to the northeast). One of the most significant was the Equity Silver Mine at Goosly Lake with very similar mineralization to Fireweed. Pursuant to a Letter of Understanding with Pachamama Resources Ltd. dated February 17, 2010 the Company has an exclusive option to acquire an initial 50% interest, with the right to earn up to a 70% interest in the Fireweed Property.
About Shamrock: Shamrock Enterprises Inc. is a Canadian-based junior mining exploration company focused on the procurement, exploration and development of silver and other precious metal properties in North America. The Company's Shares are listed and posted for trading on the Canadian National Stock Exchange ("CNSX") under the symbol "SRS".
On behalf of the Board,
Gordon Osinchuk, President
Forward Looking Statements: This news release may contain forward looking statements including but not limited to, information regarding geological interpretations, resources, potential timing and content of exploration programs, production schedules and projections, receipt of permits, company financings etc. Forward looking statements refer to events and conditions which have not yet taken place and therefore involve inherent risks and uncertainties. Actual results may differ materially from those anticipated in these statements. Shamrock Enterprises Inc. relies on litigation protection for forward looking statements.
