NROption Payment Made... Full Steam Ahead!!!!This is one work program investors should be looking forward to!!
We already know we have in excess of 75 mt of ore with good MO percentages and great Copper (CU) credits.
The News Release
Torch River makes Red Bird option payment; financings
2006-05-29 15:55 ET - News Release
Mr. Ronald Burko reports
Torch River Resources Ltd. has made the $200,000 option payment to Red Bird Resources Ltd. pursuant to the option agreement and is now in the process of finalizing its summer work program for the Red Bird property, which is to commence in July, 2006. The summer work program shall consist of approximately 2,250 metres of further drilling to assist in further determining the Red Bird property mineral resource. The work program will also include line cutting, geophysics and site preparation and will have a budget of $420,000.
Torch is also pleased to announce non-brokered private placements of up to one million flow-through units at a price of 22 cents per flow-through unit, comprising one common share issued on a flow-through basis and one common share purchase warrant providing for the purchase of one common share exercisable within a 12-month period on a non-flow-through basis at a price of 25 cents per common share, for gross proceeds of approximately $220,000 and up to 500,000 units at a price of 20 cents per unit comprising one common share and one common share purchase warrant providing for the purchase of one common share exercisable within a 12-month period at a price of 25 cents per common share, for gross proceeds of approximately $100,000. The private placements are expected to close on or about July 12, 2006.
Good Luck to all longs!
Check out the previous Tech. report and take a close look at previously drilled holes. This project has VERY SERIOUS POTENTIAL.... MULTI-BILLION $ IN-SITU value with a market Cap. of ONLY 3.5 Million!
FundSpec