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Post by Franko10 ™ on Mar 29, 2005 21:23:39 GMT -5
Morgain Minerals Negotiates C$5,000,000 Loan (ccnm)
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 29, 2005) - Morgain Minerals Inc. (TSX VENTURE:MGM) announces that it has entered into a loan agreement pursuant to which H. Morgan & Company will advance Morgain C$5,000,000. The loan will bear interest at the rate of 12% per annum and will be secured by a floating charge on Morgain's assets and a pledge by Morgain of the shares of its Mexican subsidiaries.
The proceeds of the loan will be used to fund the first phase mining and leaching operation for Morgain's Castillo Mine project which was initially announced on March 3, 2005 and for general working capital purposes. This transaction is subject to regulatory acceptance.
About Morgain Minerals Inc.
Morgain Minerals is a resource exploration company with a number of precious and base metal properties in Mexico. Its corporate strategy is to explore and develop properties with known resources that can be further explored to a production status. Visit our website at www.morgainminerals.com for the latest corporate information.
FOR FURTHER INFORMATION PLEASE CONTACT:
Morgain Minerals Inc.
Chester F. Millar
Chairman and President
(604) 643-1727
(604) 643-1726 (FAX)
morgain@telus.net
www.morgainminerals.com
The TSX has neither approved nor disapproved of the information contained herein.
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 29, 2005) - Morgain Minerals Inc. (TSX VENTURE:MGM) announces that it has entered into a loan agreement pursuant to which H. Morgan & Company will advance Morgain C$5,000,000. The loan will bear interest at the rate of 12% per annum and will be secured by a floating charge on Morgain's assets and a pledge by Morgain of the shares of its Mexican subsidiaries.
The proceeds of the loan will be used to fund the first phase mining and leaching operation for Morgain's Castillo Mine project which was initially announced on March 3, 2005 and for general working capital purposes. This transaction is subject to regulatory acceptance.
About Morgain Minerals Inc.
Morgain Minerals is a resource exploration company with a number of precious and base metal properties in Mexico. Its corporate strategy is to explore and develop properties with known resources that can be further explored to a production status. Visit our website at www.morgainminerals.com for the latest corporate information.
FOR FURTHER INFORMATION PLEASE CONTACT:
Morgain Minerals Inc.
Chester F. Millar
Chairman and President
(604) 643-1727
(604) 643-1726 (FAX)
morgain@telus.net
www.morgainminerals.com
The TSX has neither approved nor disapproved of the information contained herein.
