News...drilling ten new holes Lake Duffy
Logan Copper to drill 10 holes at Logan Lake's Duffy
Ticker Symbol: C:LC
Logan Copper to drill 10 holes at Logan Lake's Duffy
Logan Copper Inc (2)(C:LC)
Shares Issued 42,334,940
Last Close10/14/2011
.045
Monday October 17 2011 - News Release
Mr. Thal Poonian reports
NEW DRILLING PLANNED FOR DUFFY AREA, PRIVATE PLACEMENT UPDATE
Logan Copper Inc. proposes to complete ten NQ drill holes on itsnewly identified Duffy area of the Logan Lake project, with up to threeNQ drill holesplanned for completion prior to the end of 2011. Logan Copper hasreceived permits for up to 10,000 metres of drilling on the Duffyarea.
Logan Copper's Duffy area is located eight kilometres west of New Gold Inc's."New Afton" gold mine project nearKamloops, B.C. New Afton is New Gold's primary development project and is expected to commence production in thesecond half of 2012. New Afton will be an underground mine, which is expected to produce an annual average of 75million pounds of copper and 80,000 ounces of gold over a 12 year mine life.
The new targets in the Duffy area were identified through a geophysics program which commenced February 16 th, 2011with ground geophysics on four target project areas which were selected after analyzing past drilling and historic reports todelineate the most promising project areas. These four target areas were the Dansey, Bertha Molly, Duffy, and TW areas.The geophysics program was carried out by our technical team led by Terry Garrow, P. Geo. through the use of ProtonMagnetometer and Gem VLF surveys totalling 112 line kilometres, 32 line kilometres were carried out on the Duffy area.
The Company herein provides an update in regard to its $510,000 private placement announced on September 8, 2011.The company received conditional approval from the TSX.V on September 13, 2011 and expects to complete this privateplacement in the next two weeks. The Company originally announced that it expected to raise up to $510,000 through theplacement of 7,000,000 .flow-through units at
.055 per unit and 2,500,000 non-flow-through units at
.05 per unit, wenow anticipate that we will raise up to $745,000 through the placement of up to 9,000,000.flow-through at
.055 per unitand 5,000,000 non-flow-through units at
.05 per unit. All other terms remain unchanged.
Terry Garrow, P.Geo., a Qualified Person by the standards of National Instrument 43-101, has reviewed and approved thetechnical information included in this news release.
We seek Safe Harbor.
© 2011 Canjex Publishing Ltd.