MONTREAL, QUEBEC--(Marketwire - Feb. 27, 2012) -
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Aurvista Gold Corp. ("Aurvista" or the "Corporation") (TSX VENTURE:AVA) announces that it is undertaking a non-brokered private placement of up to 6,000,000 units, each unit consisting of one common share and one-half warrant to purchase a common share (the "Units"). Under the Offering, each Unit is being offered at a price of $0.25 per Unit. Each whole warrant entitles the holder to purchase one common share at a price of $0.35 per common share at any time up to 4 o'clock p.m. (Toronto time) on March 2, 2014 (the "Offering"). The Corporation reserves the right to increase the Offering to 8,000,000 Units. The Corporation may pay finders' fees equal to a cash payment of 6%.
The proceeds from the private placement will be used to fund the costs of issuing a revised 43-101 Technical Report with an updated resource estimate based on the winter drilling program. The revised 43-101 will also use a revised cut-off grade competitive with neighbouring mineral deposits. The remaining proceeds will be used for working capital, following payment of expenses for the issue.
About Aurvista
Aurvista Gold Corporation is a junior gold exploration and development company. Aurvista's principal asset is the 100% Douay Property, consisting of 218 contiguous claims totaling approximately 11,440 hectares located on the Casa Berardi Fault containing a 43-101 compliant global Resource of 42.6 Mt at 1.29 g/t gold (1.8 M oz.) in the Inferred category and 905,000 t at 1.7 g/t gold (49,000 oz.) in the Measured and Indicated category, at a cut-off of 0.7 g/t gold. In addition to this Resource, the Douay West deposit hosts a Measured and Indicated Resource of 313,000 t at 7.75 g/t gold (77,992 oz.) and an Inferred Resource of 267,000 t at 8.53 g/t gold (73,187 oz.), at a cut-off of 4.0 g/t gold.
Details of Aurvista's Douay Project can be viewed at the Company's website at www.aurvistagold.com.
READER ADVISORY
Statements in this press release may contain forward-looking information including, but not limited to, statements with respect to the Company's proposed drill programs. In addition, information concerning the interpretation of drill results may also be considered forward-looking statements as such information constitutes a prediction of what mineralization might be found to be present if and when a project is actually developed. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward looking statements. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect, including but not limited to, the ability of the Corporation to raise sufficient capital to pay the exploration and development costs on the properties, the availability of skilled labour, availability of equipment, and future capital and operating costs. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. Factors that could cause actual results to differ materially from any forward-looking information include, but are not limited to, the risks of capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, commodity price and exchange rate fluctuations, the uncertainty of estimates and projections relating to production, health, safety and environmental risks, delays in the development of projects, uncertainties relating to the interpretation of the geology, unanticipated operational or technical difficulties and other factors. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
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