65 65 Page 64 By Gregory Reynolds New fnancing is allowing Rapier Gold Inc to continue its hunt for gold to the west of the T immins Gold camp The company s activities are exclu sively focused on exploring the Pen Gold Project comprising approxi mately 19333 hectares approximate ly 193 sq km located on Highway 101 75 km southwest of the City of T immins On Feb 20 Rapier solved its fnanc ing problem by announcing a non brokered private placement of non fow through units the NFT Units and fow through units the FT Units on a best eforts basis at a price of 010 per NonFlow Through Unit the NFT Units and 01 15 per Flow Through Unit the FT Units for ag gregate procee ds of up to 2500000 Speaking of the fnanc ing the compan y stated Rapier s exploration strategy has been in process since early last year where the summer exploration program designed to deliver high value drill tar gets would be funded by capital raising in late 2016 This is consistent with the corporate presenta tions and information provided to the mar ket and shareholders There has been a sig nifcant delay in raising this funding which is directly attributable to the company providing exclusivity to a com pany that presented a business transaction In compliance with the conditions of that ex clusivity the company refrained from raising funds while the Special Committee evaluated a proposal for a potential business transaction The proceeds from the issuance of the FT Units will be used to incur Ca nadian Exploration Expenses on the issuer s Pen Gold Project located in Northern Ontario and the proceeds from the NFT Units will be used by the issuer for general working capital The project is approximately 45 km southwest of T ahoe Resources T im mins W est Mine and the recently dis covered 144 Exploration Area T ahoe Resources formerly Lake shore Gold is conducting an exten sive exploratio n program on the 144 Exploration Area which is outlined in a very comprehensive section of the company s website Rapier says The Pen Gold Project is located ap proximately 85 km northeast of Rapier r esumes Pen Gold work after new fnancing is obtained Goldcorp s Borden Gold Project near Chapleau In March 2015 Goldcorp acquired this project in the takeover of Probe Mines for 526 million Goldcorp is actively advancing the Borden Gold Project as a source of ore for the 1 1000 tpd Dome Mill lo cated 160 km away in T immins Pen Gold appears to be on the west ern extension of the PorcupineDestor Fault Zone PDFZ one of the most productive gold structures in the world This fault zone extends east into Quebec and hosts many of the lar gest and most famous gold mines in Canada The T immins Camp has produced ap proximately 725 million ounces of gold to date Probe Metals acquired the Ivanhoe Project located to the west of Rapier s Pen Gold Project and the W est Porcu pine and Ross Properties to the east of Pen Gold High resolution aero magnetics were fown in late winter to early spring over the Pen Gold South and newly staked grounds totally over 12000 hectares to complete the geophysics coverage and to aid in geological in terpretation and exploration tar geting for the 2017 summer feld season Rapier s land position totals over 16500 ha and has had very little sys tematic gold exploration conducted on it until this consolidation The Pen Gold Project is one of the lar gest land positions in the Abitibi Greenstone Belt of Ontario and rep resents the consolidation of three key land parcels 5600 ha acquired from Rio T into plc 10848 ha acquired from Rogue Re sources and 464 ha optioned from private pros pectors Rapier s mana gement team direc tors and consultants have extensive exploration experience along with commercial and corporate expertise necessary to successfully advance the company s objectives Page 65 Dont learn safety by accident 18557763228 www profactsca Ev er y one has a r eason to w or k SAFE W ha t s y our s Ev er y one has a r eason to w or k SAFE W ha t s y our s www richwoodcom Rely on Richwood inforichwoodcom 18002376951 or 304 5255436 Impact Saddle Pr otecting the Most V ulnerable Points on Y our Conveyor Full tr ough belt support Engineer ed for your application No maintenance Guaranteed performance Richwood 2016 The Original Canadiantradex Saddle 916indd 1 9816 1043 AM