Queenstake Res. arranges private placement

Queenstake Resources (QTR-T) will use the proceeds from a $16.4-million private placement to fund exploration and development of its properties in Chile, and elsewhere in Latin America.

The financing comprises 7 million special warrants at $2.35 each. A special warrant will be exchangeable for a unit comprising one share and a half-share purchase warrant. One whole purchase warrant will entitle the holder to buy one additional share at a price of $2.70 for a period of 18 months.

At its Quebrada Grande project in northern Chile, Queenstake has outlined a 3,500-by-600-metre zone of high chargeability and low resistivity over volcanic-covered terrain.

Queenstake’s geophysical consultants have interpreted the anomaly to be caused by more than 5% disseminated sulphides in rocks beneath the post-mineral volcanic cover.

The property is on a structural trend, about 100 km south of Escondida, that contains several porphyry copper deposits.

Geological mapping and infill ground geophysics are being carried out in preparation for drilling.

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