NEWS: PREPARATION FOR EXPLORATION PROGRAMSCandorado appoints Ostler to oversee to projects
2004-02-18 13:01 ET - News Release
Mr. Kirk Reed reports
CANDORADO RETAINS GEOLOGICAL CONSULTANT IN PREPARATION FOR EXPLORATION PROGRAMS
Candorado Operating Company has appointed John Ostler, MSc, PGeo, to oversee the exploration on Candorado's mineral projects.
Mr. Ostler holds a bachelor of arts in geography and a master of science in geology from the University of Guelph and Carleton University, respectively. He is registered with the Association of Professional Engineers and Geoscientists of British Columbia and is a member of the Canadian Institute of Mining and Metallurgy. Mr. Ostler has been involved in the mineral exploration business for over 30 years which has included tenures with the Geological Survey of Canada, major mining companies and junior exploration firms. He has also acted as a director or officer of numerous public companies.
Mr. Ostler will be responsible for advancing Candorado's exploration programs, reviewing new acquisitions, and assisting in reporting Candorado's progress to the public.
Currently, Candorado's emphasis is on gold and copper. The company has two porphyry copper gold projects in British Columbia, a shear-hosted gold target in the Detour Lake camp in Ontario, and a Carlin-type gold target in Nevada. Candorado is planning to advance all of these projects this season.
Private placement: an update to Candorado's Jan. 5, 2004, news in Stockwatch
In response to increased demand, Candorado has agreed to increase the size of its private placement to up to 2.5 million units at a price of 32 cents per unit. Each unit will include one common share and one non-transferable share purchase warrant entitling the holder to acquire an additional common share for 40 cents for a period of one year. A total of 2.5 million units will be sold, of which 1.5 million will have flow-through shares, and the other one million will have non-flow-through shares. There will be no flow-through benefits accruing from exercise of the warrants. Proceeds of this private placement will be used for exploration of Candorado's mineral properties, general working capital and for future acquisitions.