CMX Gold & Silver Corp. (CSE:CXC) announces closing of a non-brokered private placement for proceeds of $50,000. A total of 500,000 units were issued at $0.10 per unit. Each unit is comprised of one common share and one common share purchase warrant exercisable for two years at a price of $0.20 per share. The private placement is with a private company owned by the spouse of a senior officer. After the private placement, the Company has 32,653,224 common shares issued and outstanding.
Subject to raising funds, CMX has developed plans to undertake a more detailed sampling program in November 2015 to follow up the results from the 2014 sampling program. The new program will assess economic potential of the mine dump material on the Clayton Mine property. The program is to include about 75 to 100 additional sample locations from both the Waste Dump and Tailings Pile, as well as some preliminary geophysics. The Waste Dump is estimated to contain several hundred thousand tonnes of metal-bearing material readily available for immediate processing. Upon completion of a second phase sampling program and conditional on satisfactory results, the Company intends to proceed with a preliminary economic assessment (PEA) which, if positive, is expected to support refurbishing and modernizing the mill on the property as the first phase of reactivating the mine.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
About CMX Gold & Silver Corp. (CSE:CXC)
CMX Gold and Silver Corp. is a junior mining company engaged in the acquisition, exploration and development of gold/silver and base metals properties. CMX’s major asset is the 100%-owned Clayton Silver Property located in the mining-friendly State of Idaho, U.S.A. The property comprises approximately 276 ha (684 acres) in Custer County in south-central Idaho, including the former Clayton silver-lead-zinc-copper mine, which has over 5,000 meters of underground