Northisle Copper & Gold Inc. Announces Closing of Private Placements
VANCOUVER, Jun 9, 2016 - Northisle Copper and Gold Inc. ("Northisle" or the "Company") (TSX VENTURE:NCX) announces that it has closed the private placements announced May 4, 2016. Closing consisted of the issuance of: - 5,000,000 units at a price of $0.025 per unit, for total consideration of $125,000, with each unit consisting of one common share and one-half (1/2) of a share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of $0.05 until June 6, 2018; and
- 4,375,000 flow-through common shares at a price of $0.04 per share, for total consideration of $175,000.
Northisle paid a finder's fee of 120,000 common shares to PI Financial Corp. of Vancouver, B.C., in connection with this private placement.
All of the securities issued pursuant to this private placement, including any shares issued pursuant to the exercise of the share purchase warrants forming part of the units, are subject to a hold period which expires on October 7, 2016.
About Northisle
Northisle is a Vancouver based junior resource company committed to the exploration and development of the North Island Copper-Gold Project on Northern Vancouver Island. The North Island Copper-Gold Project is situated approximately 15-40 kilometres southwest of Port Hardy on Vancouver Island and contains the Hushamu and Red Dog Deposits and five other partially explored copper-gold porphyry occurrences.
The Company has a current resource estimate of the Hushamu Deposit which has been filed on Sedar. The project is 100% owned by Northisle.
| Resource Grade | Contained Metal | |||||||||
| Tonnes (x1000) | Copper % | Gold g/t | Mo % | Re ppm | Cu Eq % | Copper B lb | Gold M oz | Mo M lb | Re Kg x 1000 | |
| Indicated | 304,000 | 0.21 | 0.29 | .010 | 0.55 | 0.45 | 1.4 | 2.8 | 65.7 | 167.4 |
| Inferred | 205,600 | 0.18 | 0.26 | .008 | 0.38 | 0.39 | 0.8 | 1.7 | 34.9 | 78.1 |
| ** | Copper equivalent calculated using US$2.50/lb Cu, US$1100/oz Au and US$14.00/lb Mo and is not adjusted for mining and metallurgical recoveries as these remain uncertain. The formula used is as follows: |
| CuEQ = (Cu% x 22.0462 x 2.50) + (Au g/t x 1100.00/ 31.1035) + (Mo% x 22.0462 x 14.00) | |
| Rhenium values have not been used in the cutoff grade or Cu Equivalent calculations |
In addition to the Hushamu Deposit, the Red Dog Property hosts a historical mineral resource of 20 million tonnes grading 0.30% copper, 0.55gpt gold and 0.012% molybdenum. The reader is cautioned that a qualified person has not done sufficient work to classify the historical estimate as current resources and Northisle is not treating the historical estimate as current mineral resources.
For more information on Northisle and the Hushamu and Red Dog deposits please visit the Company's website at www.Northisle.ca
John McClintock, P. Eng is the Qualified Person responsible for the technical content of this release.
On behalf of Northisle Copper and Gold Inc.
John McClintock
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release contains forward-looking statements. These forward-looking statements are based upon the reasonable beliefs of Northisle and its management as of the date of this news release; however, forward-looking statements involve risks and uncertainties and are based upon factors that may change and assumptions that may prove, with the passage of time, to be incorrect as a result of exploration and other risk factors associated with mineral exploration and development that are beyond the control of Northisle. Accordingly, undue reliance should not be placed upon such statements. If factors materially change or assumptions are materially incorrect, the actual results, performance or achievements of Northisle may be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Northisle does not undertake any obligation to update or revise any forward-looking statements to reflect new information, future events or otherwise, except as required by applicable law
Contact
Northisle Copper and Gold Inc.
John McClintock, President, CEO and Director
info@northisle.ca
www.Northisle.ca