NEWS RELEASESuite 888-609 West Hastings Street, Vancouver, B.C., Canada V6B 4W4
T 604 669-2901 F 604 669-8922 Toll Free 1 888 669-2901
E ami@mininggroup.com
www.amiresources.com
NEWS RELEASE
TSX.V - AMU
November 2nd , 2009
FINANCING CLOSED AND EXPLORATION PROGRAMS TO BEGIN
Vancouver, B.C. – The Company wishes to announce that it has closed the previously
announced non-brokered private placement of 10 million units at the price of $0.10 per
Unit, for gross proceeds of $1,000,000.
The Units are comprised of one common share and one half (1/2) share purchase warrant.
Each Warrant shall entitle the holder to purchase an additional common share of the
Company at a price of $0.20 per share on or before the close of business on April 28th,
2011. If after March 1st, 2010 the closing price of the company’s shares exceeds $0.40 for
10 consecutive days, the expiry date of the Warrants will be accelerated to the date that is
30 days after the notice of the new expiry date is given to the holders of the Warrants.
Under applicable securities legislation and policies of the TSX Venture Exchange all of the
foregoing securities issued pursuant to this private placement will be subject to a hold
period expiring February 28th, 2010.
A Finder’s Fee equal to 8% in cash and 8% in a Finder’s Option has been paid to Power
One Capital Markets Ltd., Canaccord Capital Corp. and PI Financial Corp. for the number
of Units each has referred to the Company. The Finders Option is exerciseable into Units at
the same price and under the same terms as those Units offered under the non-brokered
private placement.
Proceeds from the private placement will be used for general working capital and to fund
exploration expenditures at the Company’s North Ashanti Gold Project and the Niger Gold
Project that was recently optioned from Golden Star Resources Ltd.
The North Ashanti Gold Project– Located in Ghana, West Africa on the gold prolific
Ashanti Trend between Anglo/Ashanti’s Obuasi Mine and the Konongo Mine, this project
has already established a 327,629 ounce (NI43-101 qualified) gold resource of Measured
3,475,45 tonnes with an average grade of 1.53 g/t gold and Indicated 3,383,964 tonnes with
an average grade of 1.16 g/t gold. This resource has been calculated from three near surface
separate gold zones. A fourth zone, Anuoro South, which was not included in the Resource
Report had some significant intercepts & grades ie: 14m grading 2.35 g/t Au, 22m grading
1.33 g/t Au and 18m grading 1.57 g/t Au but was excluded from the Resource Report as it
requires additional drilling to bring it into a resource category. Geochem analysis has also
identified several other gold anomalies on the Anuoro license and an exploration program
will be designed to further trench and drill these areas.
The Niger Gold Project – Located in Niger, West Africa this project includes the 550 km2
Deba license & the 372 km2 Tailkam license, both of which border Semafo’s Samira Hill
mine to the northeast and southwest. The Samira Hill mine is made up of several satellite
gold deposits and the gold hosting structures on the Niger Gold Project are similar to the
nearby Samira Hill deposits.
Several gold anomalies on both the Deba and Tialkam properties have been identified
during previous exploration programs. Some significant historical results to date are:
Deba: 16m grading 21.62 g/t Au, 7m grading 7.27 g/t Au and 5m grading 4.79
g/t Au.
Tialkam: 17m grading 5.4 g/t Au, 10m grading 1.66 g/t Au and 17m of 4.79 g/t
Au.
A planned first phase US$250,000 exploration program has been designed to further test a
number of these mineralized zones and numerous subsidiary structures, of which a
significant number remain un-drilled to date.
The scientific and technical information contained in this press release has been reviewed
by Simon Meadows-Smith ,IOM3, with respect to the Ghana project and by Yan Bourassa
M.Sc. P. Geo, Golden Star Resources Ltd. with respect to the Niger Project, both of whom
are qualified persons within the meaning of National Instrument 43-101.
We seek safe harbour.