newWelcomes Industrial Mineral Expert as New Director
Jan. 24, 2011 (Market News Publishing) --
ELECTRA GOLD LTD ("ELT-V")- Welcomes Industrial Mineral Expert as New Director
Electra is pleased to welcome Ron J. Savelieff as a Director ofthe company. Mr. Savelieff is a graduate geologist from the Universityof British Columbia who has hard rock mineral exploration experience forporphyry copper-molybdenum-gold deposits in the Highland Valley ofBritish Columbia and very extensive knowledge of industrial minerals,aggregates, construction materials and the very specialized Cement rawmaterials industry. Mr. Savelieff has been involved in all aspects ofthe Cement industry and has been employed by the largest verticallyintegrated Cement producers in the world from a base in Vancouver over atime period of over 40 years. He is an expert in bulk marine transportby barge rising to the manager of the Marine Division of amulti-national Cement Company. Mr. Savelieff has also held the positionof Exploration Manager, raw materials for another multi-national Cementcompany in all aspects of the procurement of the variety of essentiallimestone, silica, alumina, iron and gypsum resources required for kilnraw cement production. In moving forward with Electra?s PEM100 chalkygeyserite deposit and continued deliveries to Ash Grove Cement?s plantin Seattle and identification of additional customers, Mr. Savelieff?sexperience and insight will be invaluable. The Company announces theclosing of the non-brokered Private Placement of 1,900,000 Units (seeNews Release dated December 17, 2010 and TSX-V approval on January 21st,2011). The placement consisted of 1.9 million shares issued at
.05per unit for gross proceeds of $95,000. The terms of the offering aresuch that each Unit is subject to a four month hold period expiring May22, 2011. Each Unit includes one share and one two-year non-flowthrough common share purchase warrant entitling the purchaser topurchase an additional common share of the Company for
.10 per sharefor 24 months, expiring January 21, 2013. All funds realized will beused for general corporate purposes and exploration of the Company?sgold projects in BC. Finder?s fees in connection with this financingwere $Nil. Electra Gold Ltd is a Canadian mineral exploration andproduction company with a portfolio of diverse exploration projectsconsisting of gold prospects and major industrial mineral productionsince 2003, located in British Columbia and the Race Track Gold Projectin Timmins, Ontario. J. T. Shearer, M.Sc., P.Geo, President, is theQualified Person as defined by NI 43-101 who supervised the preparationof the technical material of this release.