| ||Fri Sep 5, 2003|
Cassidy Gold closes financing
| ||Further to its news releases of July 28 and 29, 2003, the company announces that it has closed a non-brokered private placement of 5,019,166 units at a price of $0.30 per unit for aggregate proceeds of $1,505,479.80. Each Unit consists of one common share of the company and one non-transferable share purchase warrant, each warrant entitling the purchaser to purchase an additional common share at a price of $0.38 per share until September 5, 2004. The shares and warrants comprising the units will be subject to a hold period until January 6, 2004.|
Finder's fees payable by the issuance of 83,333 units and 93,333 units were paid to Haywood Securities Inc. and Raymond James Ltd., respectively, as consideration for introducing the company to certain investors.
Preparations for the fieldwork, scheduled to start at the end of the rainy season in late September early October, are well under way. The drilling contract for a minimum of 3000 metres has been executed, and the resupply container for the drill, which is already in Kankan - less than 100 km from Kouroussa, is being expedited. Our project manager is on his way to Conakry to conclude all regulatory and logistical preparation. The drill program will be directed at determining the extent of gold mineralization both laterally and at depth, expanding from the established high grade gold intersections, and probing the numerous targets that have been identified in the immediate vicinity of the Koe Koe discovery zone. Once the limits of the known zone have been tested, some infill drilling will be directed at establishing an order of magnitude resource. Parallel and conjugate structures will be drilled, and the adjacent Sodyanfe gold area will be similarly explored. Additional drilling will also probe the Bokoro artisanal workings once they have been mapped and sampled. Geological mapping and geochemical sampling on a broad regional basis of the whole of the permit lands will be ongoing, and limited magnetometer surveys will be undertaken over selected areas.
On behalf of the Board of Directors
Cassidy Gold Corp.
James T. Gillis, President
For further information please contact:
Jim Gillis, President
Phone: 250-372-8222 or Fax: 250-828-2269
This press release may be accessed at Cassidy Gold Corp.'s website: www.cassidygold.com
and at SEDAR-CDY
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You can view the Next News Releases item: Mon Oct 20, 2003, Michael Cassidy has retired as a Director.
You can view the Previous News Releases item: Tue Aug 26, 2003, New appointments to the Company's Board of Directors