DIAMOND PAGE — Cypango closes placement

A $1.8-Million private placement will enable diamond hunter Cypango Ventures (CAV-V) to fund exploration in Canada’s Northwest Territories.

The placement consisted of 2 million special warrants priced at 90 cents each. Proceeds will be used to finance exploration and drilling of targets on the company’s Yamba Lake joint venture, as well as to explore other projects in the region.

Cypango can acquire a 51% interest in Yamba Lake from Mill City Gold Mining (MIY-V) and Tanqueray Resources (TQY-A) by spending $5 million on exploration and issuing up to 300,000 shares by Oct. 31, 1999.

The financing was first announced in February. But a company spokesman said that, in the face of weak markets, Cypango had decided to delay the closing and lower the asking price of the warrants.

Yamba Lake is in the Lac de Gras region, north of the NWT Diamonds Project controlled by Broken Hill Proprietary and Dia Met Minerals (DMM-T).