M45 Mining Resources negotiates $2 million private placement

By Sheri Kasprzak

New York, May 3 - M45 Mining Resources Inc. announced plans Thursday to price a $2 million private placement.

The terms of the deal have not been set.

Proceeds will be used for drilling on the company's territories adjacent to the Perseverance zinc mine owned by Falconbridge/Xstrata plc. A portion of the proceeds will be used to acquire properties in the Matagami Mining Camp.

New York-based M45 is a mineral exploration company.

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