VANCOUVER, BRITISH COLUMBIA–(EMWNews – Aug. 19, 2008) – Upper Canyon Minerals Corp. (the “Company”) (TSX VENTURE:UCM) is pleased to announce that the Company has arranged, subject to regulatory approval, a private placement of up to 2,000,000 flow-through units at a price of $0.25 per unit for gross proceeds of up to $500,000 (the “Private Placement”). MineralFields Group of Ontario will purchase all of the units under the Private Placement. Each unit will consist of one flow-through common share (a “Share”) and one-half of a non-flow-through share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder thereof to purchase one non flow-through Share at an exercise price of $0.40 per Share, at any time on or before the date that is 24 months from the date of issuance of the Warrant.
The proceeds from the financing will be used for exploration work on the Company’s Brosnor Gold property located near Val d’Or, Abitibi, in Quebec, Canada and for general working capital purposes.
A cash finder’s fee equal to 5% of the proceeds and an option to acquire 8.5% of the number of units subscribed for by MineralFields Group will be payable on closing of the Private Placement. The units underlying MineralFields’ option will be on the same terms as the units to be issued under the Private Placement.
MineralFields Group (a division of Pathway Asset Management) is a Toronto- and Vancouver-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com First Canadian Securities ® is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, with investors both within, and outside of, MineralFields Group.
Jack Bal, Director of Upper Canyon comments; “We are very pleased to be renewing our relationship with MineralFields Group. This is an important milestone in the growth of Upper Canyon Resources Corp. and we look forward to working with MineralFields Group as we develop our Brosnor project in Val d’Or, Quebec.”
Upper Canyon Minerals Corp. is a growth oriented mineral-exploration resource company trading on the TSX Venture Exchange (Symbol: UCM). The objective of the Company is to enhance its value via high mineralization resource properties with a goal of advancing them into commercial production. The Company is currently exploring two properties: the Josefina Silver and Base Metals Project, located in the Huarochiri Province of Lima, Peru, which comprises 5600 hectares and includes the past producing Josefina Silver and Base Metals mine and the Brosner Gold property located near Val d’Or, Abitibi, in Quebec, Canada. The Brosnor property hosts gold bearing structures, striking east-west, in which quartz-pyrite-tourmaline veins, concentrated in more competent rock units carry gold values in various amounts. The most important structure identified to date hosts two main gold zones, namely the Adelemont and Norcourt zones.
ON BEHALF OF THE BOARD OF DIRECTORS
JATINDER (JACK) BAL, Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.
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