Palamina Corp. (PA:TSX.V) (“Palamina” or the “Company”) is pleased to announce that it will conduct a non-brokered private placement offering (the “Offering”) of up to 6,666,667 units (“Units”) at a purchase price of $0.30 per Unit, for aggregate gross proceeds of up to $2,000,000.
Palamina Corp. (PA:TSX.V) has purchased the mining rights to two contiguous concessions within the Gaban Gold Project with a view to locating the source of artisanal coarse alluvial gold being mined along the Yanamayo river. By acquiring 100% of the mining rights to the Minera San Gaban and Aurifera San Gaban claims, Palamina has secured the mining rights to 85 % of an area bound on all sides by four mountain ridges where geochemical stream sediment and rock sampling results would suggest proximity to an orogenic gold source.
Palamina Corp. (PA:TSX.V) through its 100% owned Peruvian subsidiary Palamina S.A.C, made application for an additional 18 claims covering 9,700 hectares in the Department of Puno. Palamina S.A.C. currently has a total of 50 mining claim applications totaling 32,600 hectares in Peru.
Palamina Corp. (PA:TSX.V) today announced that Jose Vizquerra-Benavides has resigned from the board of directors and will continue his support as a member of Palamina’s advisory board. Palamina thanks Mr Vizquerra-Benavides for his support and advice as a director and welcome him as an advisor. Mr. Alistair Waddell, a director of Palamina, has agreed to become a member of the audit committee and assume Mr. Vizquerra-Benavides responsibilities.
Palamina Corp. (TSXV: PA) today announced the nomination of Alistair Waddell to the board of directors and appointed Donald Mc Iver and Yury Valdivieso to senior management positions. Donald McIver joins Palamina as its new V.P. of Exploration and Yury Valdivieso as Exploration Manager for Peru.
Palamina Corp. (PA:TSX.V) has completed a preliminary review of five prospective gold project areas in the department of Puno, Peru, staked by the Company in January of 2017. Palamina’s primary focus has been to acquire land positions in the Puno Orogenic Gold Belt (POGB), as identified by small-scale and informal hard-rock mining operations. The targeted projects have never been subject to systematic exploration or drill testing. In order to execute on its plan, Palamina has also assembled an experienced geological team with collectively over 27 years of experience in the POGB.
Palamina Corp. (PA:TSX.V) has incorporated a 100% owned Peruvian subsidiary, Palamina S.A.C. On January 19, 2017, Palamina S.A.C. acquired the application mining rights to 23,000 hectares within the Department of Puno in southeast Peru north of Lake Titicaca. The application rights were acquired to establish a presence in a highly prospective auriferous belt which measures approximately 175 kilometres by 75 kilometres. The gold belt is bordered by Bolivia to the east and the Madre de Dios region to the north, and contains numerous orogenic gold showings. Palamina, in the belief that this region has considerable potential to contain significant orogenic gold deposits, has acquired the rights to five mining concessions within the belt.
Palamina Corp. (PA:TSX-V) has granted 910,000 incentive stock options to certain officers, directors and consultants of the Company under its Stock Option Plan. All options are exercisable at $0.22 per common share. The options granted to officers and directors expire in 5 years and the options granted to consultants expire in 2 years.
Palamina Corp. (PA:TSX-V) has appointed Hugh Agro to the board of Palamina Corp. and accepted Glenton Masterman’s resignation. Palamina would like to thank Glen for his support and efforts in advising Palamina. Glen recently relocated to Australia and we want to wish him every success in his new endeavours. Palamina has granted Hugh Agro 150,000 options of Palamina Corp. under its Stock Option Plan. All options are exercisable at $0.16 per common share and expire on November 15, 2021.