Pacific Minerals closes 9.2 million financing

Vancouver — Pacific Minerals (PMZ-V) has closed two private placement financings, totalling $9.2 million.

The first private placement consists of three million units priced at $1.60 per unit, for net proceeds of $4.8 million. Each unit consists of one common share and one-half of a common-share purchase warrant. Each whole warrant is exercisable for one common share at a price of $2.20 per share for two years.

The second private placement, consists of 2.5 million units at a price of $1.75 per unit, for net proceeds of $4.375 million. This was purchased by Ivanhoe Mines (IVN-T). Each unit consists of one common share and one common-share purchase warrant. Each warrant is exercisable for one common share at a price of $2.20 per share for two years. The common shares are subject to a four-month hold period until April 13, 2004.

Pacific Minerals now has approximately 47.3 million shares issued and outstanding, and approximately 62.2 million fully-diluted. Ivanhoe Mines owns about 45% of Pacific Minerals on a fully-diluted basis.

The funds will be used to advance Pacific Minerals’mineral exploration and development projects in China and Mongolia as well as for general corporate purposes.

The junior is focused on the exploration and development of precious and base metals (platinum, palladium, gold, nickel, and copper) in China and Mongolia. The company’s most advanced projects are the 217 Gold Project in Inner Mongolia and the JBS platinum -palladium project in Yunnan Province. The company also is conducting exploration work on prospective properties in Yunnan, Liaoning, Guizhou and Inner Mongolia.