Skyline Announces Closing of Private Placement
RICHMOND, BRITISH COLUMBIA -- (Marketwire) -- 05/07/10 -- Skyline Gold Corporation ('the Company') (TSX VENTURE: SK) a company engaged in the exploration and development of its Bronson Slope mining property in north western British Columbia's 'Golden Triangle', is pleased to announce that further to its news release of April 27, 2010, the Company has closed a non-brokered private placement of 4,993,334 units at a price of $0.12 per unit for proceeds of $599,200.
The proceeds of the placement will be used for:
-- an exploration drilling program at the high grade zone discovered on the
Snip-1 claim in November 2009 and a geophysical survey at Snip-1 as well
as a portion of the 'Chebry' claims acquired by the Company in November
2009,
-- producing a new Bronson Slope Preliminary Economic Assessment technical
report, a report that was initially released in February 2009, to
include magnetite production and updated metals prices; and
-- general corporate purposes.
Interest in this placement of $0.12 units exceeded the amount raised.
Each unit consists of 1 common share and 1/2 common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional share of the Company at a price of $0.15 per share for a period of one year from date of issue. The units have a hold period that expires 4 months from the date of issue. Finder's fees of $20,034 will be paid on the placement.
ON BEHALF OF THE BOARD OF DIRECTORS
SKYLINE GOLD CORPORATION
David Jensen, P.Eng., President
Cautionary Statement
Statements in this release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the Company can fulfill such forward-looking statements and the Company undertakes no obligation to update statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Skyline Gold Corporation
David Jensen, P.Eng.
President
604.270.3878
604.270.3858 (FAX)www.skylinegold.com
