News Release
$203,750 Private Placement of Units Completed, and update on Silver Hope
property compilation.
June 22, 2009
$203,750 Private Placement of Units Completed, and update on Silver Hope
property compilation.
The Board of Directors of Finlay Minerals Ltd. ("The Company") further to its press release dated December 23, 2008 is pleased to announce that the private placement will be for $203,750 of Units. Each unit consists of 1 common share at $0.05 per share and one share purchase warrant with a term of 5 years with an exercise price of $0.10 to purchase one additional common share. The funds will be used for working capital.
The Silver Hope Property is contiguous with the southern boundary of the past producing Equity Silver Mines Property (33,800,000 tonnes @ 0.4% copper (185 million lbs), 64.7g/t silver (71`million oz), and 0.46g/t gold (508,037 oz) from open pit and underground mining) and covers a 2 kilometer strike length of favourable geology and three partially outlined near-surface bulk tonnage copper-silver zones with deeper higher grade copper-silver zones.
Highlights of the Silver Hope 2007 core drilling include 9.35m (6.55m TW) intersecting 333g/t silver, and 0.69% copper (including 4.0m (2.8m TW) intersecting 547g/t silver and 1.06% copper) in SH07-02.
During the spring of 2009 the 2008 soil geochemistry, the 2006 / 2008 induced polarization (IP), magnetic, and gravity geophysics, recent BCGS mapping, and 2008 airborne geophysics of the B.C. Geoscience Quest West survey were compiled. Two prominent trends have been developed, the main mineralized trend (including the Gaul, Superstition, and Hope zones on Finlay ground, and the Southern Tail and Main zones of the former Equity Silver operation). The Hope and Superstitious zones are part of a contiguous coincident IP, soils, and gravity feature which exactly overlies defined mineralization from previous drilling. Prominent "tau" electromagnetic anomalies from the Quest West airborne geophysical survey are coincident with the IP target on the main mineralized trend. The second trend is the eastern zone which is reflected by geological mapping, IP and soil geochemistry. Both trends present further targets for detailed work and drilling.
Finlay Minerals Ltd. trades under the symbol "FYL" on the TSX Venture Exchange.
For further information and details please visit the Company website at www.finlayminerals.com
On behalf of the Board of Directors,
Robert F. Brown, P. Eng., President and CEO.
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