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Selwyn closes C$1 million placing for Selwyn lead-zinc project

Last updated: 16:06 31 Dec 2009 GMT, First published: 17:06 31 Dec 2009 GMT

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Selwyn Resources Ltd. (TSX-V: SWN) has expectedly closed the previously announced non-brokered offering of securities for C$1 million in flow-through common shares with one place at a price of C$0.275 per share for qualifying Canadian exploration expense (CEE) on the Selwyn lead-zinc project.


Selwyn announced a C$100 million investment by Yunnan Chihong Zinc and Germanium to acquire a 50% JV (joint venture) interest earlier this month, expecting it to close by May 2010 following receipt of regulatory approvals.

Meanwhile, the company will advance the Selwyn project towards bankable feasibility and the securing of thelicenses required for mine development.


Selwyn’s focus is the exploration of its properties that make up the Selwyn Project in the Yukon, which hosts large tonnages of zinc-lead mineralization.


The property consists of 7,450 ha (hectares) of mineral claims in the Yukon and 2,162 ha of Mining Lease lands in the Northwest Territories. Selwyn has 19,294 ha of mineral claims in the Yukon and 3,373 hectares of wholly owned claims in the Northwest Territories, which provide Selwyn with more than 66 km (kilometres) of the favourable strata in the district.


Selwyn spent approximately C$22 million on exploration on the Selwyn Project in 2005 and 2006 resulting in discovery of seven new mineralized zones that confirm that the deposit is one continuous mineralized deposit having a length of at least 38 kilometres.


The latest mineral resource report put the project’s reserves at 154.35 Mt (million tonnes) grading 5.35% zinc, 1.86% lead for a total 18.19 Blbs (billion pounds) of zinc and 6.31 Blbs of lead in the indicated category, while the inferred resource amounts to 234.15 Mt grading 4.54% zinc, 1.41% lead for 23.43 Blbs of zinc and 7.28 Blbs of lead.

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