Vancouver, October 19, 2010 - Canasil Resources Inc. (Canasil, TSX-V: CLZ) announces that the Company has received $453,750 from the exercise of 3,050,000 warrants at $0.15 per warrant. The warrants were issued in connection with a private placement of shares in October 2009 and had an expiry date of October 13, 2010.
Together with the $573,000 received from the recent private placement of 3,820,000 units at $0.15, which closed on September 24, 2010, the Company has received a total of $1,026,750 over the past month. This significantly strengthens the Company’s working capital position and will allow a more active exploration and work program to advance the Company’s projects.
Currently committed exploration programs on the Company’s exploration projects over the next twelve months include $750,000 firm expenditures by MAG Silver under the option agreement on Canasil’s La Esperanza silver project in Durango and Zacatecas States, Mexico, and $250,000 by Canasil for a 1,500 metre drill program on the Sandra-Escobar project in northern Durango, Mexico. The Company plans to take advantage of further funding opportunities and interest in additional option and joint venture agreements to increase the pace of exploration activities on its projects.
Canasil is a Canadian mineral exploration company with interests in precious and base metal projects in Durango, Sinaloa and Zacatecas States, Mexico, and in British Columbia, Canada. The Company’s directors and management include industry professionals with a track record of identifying and advancing successful mineral exploration projects. The Company is actively engaged in the exploration of its mineral properties.
For further information please contact:
President and C.E.O.
Canasil Resources Inc.
Tel: (604) 709-0109
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