Plexmar raises Otish funds (January 17, 2003)

Plexmar Resources (PLE-T) has raised $457,000 for its Papaskwasti and Discovery diamond properties in the Otish Mountains area of Quebec.

At Papaskwasti, the junior will begin preliminary drilling after analyzing results from a recent till sampling program. About 40 samples were taken around existing geophysical and geochemical anomalies.

An airborne magnetic survey and follow-up till sampling program is planned for Discovery. The property’s western boundary is near the Foxtrot property of Ashton Mining of Canada (ACA-T) and Soquem, where eight small diamondiferous kimberlite pipes are yielding stones similar to those in the territories.

Plexmar sold just under 3.05 million shares and 1.6 million warrants. All are subject to a four-month holding period.