ZINC/LEAD – Selwyn Resources Ltd. June 3 reported closing the first tranche (C$2.25 million) of the C$3.75 million unit portion of a previously announced (May 8, 2009) non-brokered $4 million unit and flow-through offering. The flow-through portion of the financing, totaling C$250,000, was closed May 14. The units are priced at C10 cents each and are comprised of one common share and one-half common share purchase warrant. Each whole warrant entitles the holder to purchase one common share at a price of C15 cents for two years, expiring June 3, 2011. In this first tranche, 22.5 million common shares and 11.25 million common share purchase warrants were issued to two investors for cash consideration of C$2.25 million. Resource Capital Fund IV LP, a company insider, subscribed for 7.5 million units to maintain its share position in Selwyn and now holds 17.1 percent of the junior’s issued common shares, while the second investor, Pan-Pacific Metal Mining Corp., subscribed for 30 million Units, 15 million of which were acquired on the first tranche, and 15 million are to be acquired on the second tranche. Pan-Pacific is a subsidiary of Korea Zinc Co. Ltd., a major Korean zinc smelter. The second tranche of the unit offering is expected to close by the middle of July after the deal receives regulatory approvals. Pan-Pacific now holds 9.6 percent of Selwyn’s issued common shares, including warrants acquired on the first tranche, and will hold a 17.5 percent stake in the junior following closing of the second tranche. The securities sold have a four-month hold period that expires Oct. 4. Selwyn’s focus is the exploration and development of its Selwyn Project in eastern Yukon and Northwest Territories, which represents one of the largest undeveloped resources of zinc and lead in the world.

ZINC/LEAD – Canada Zinc Metals Corp. June 1 said it has received final approvals from the TSX Venture Exchange and the relevant Chinese authorities of the closing of a non-brokered private placement subscribed to by Tongling Nonferrous Metals Group Holdings Co. Ltd., a China-based company that has become a strategic partner in the development of its mineral properties in northern British Columbia. Under terms of the private placement, Tongling has purchased 11.5 million units of the Canada Zinc at a price of C42.5 cents per unit for gross proceeds of C$4,887,500, giving the Chinese miner a 13 percent equity position in Canada Zinc Metals. Each purchased unit consists of one common share and one-half common share purchase warrant. Each whole warrant entitles Tongling to purchase, at any time within 24 months from closing, one common share of Canada Zinc at a price of $0.60 during the first year and at a price of $0.80 during the second year. These units are subject to a hold period expiring September 27. Proceeds of the private placement will be used to fund further exploration and advancement of the Canada Zinc’s SEDEX zinc-lead properties and for working capital purposes, the junior said. Canada Zinc owns 78,526 hectares, or 189,248 acres, in 233 claims, which extend toward the northwest from the Akie property for a distance of 125 kilometers, or 78 miles.

GOLD – Hawthorne Gold Corp. June 4 said it has begun 2009 exploration and development with a 10,000-meter diamond drilling program at the Cassiar Gold Camp in northern British Columbia. Hawthorne contracted Kluane Drilling Ltd. of Whitehorse, Yukon Territory to drill in three focused areas – the Taurus Zone, where gold zones at surface (grading 3+ g/t Au) need to be defined; Table Mountain Development, where additional high-grade underground gold zones similar to East Bain Zone require more study; and Table Mountain Exploration, where higher impact regional and deeper areas of interest defined by a geological model derived from geophysical, geochemical and geological work need testing. The company also plans to construct 150 meters of ramp advance followed by 150 meters of undercutting underground development and rehabilitation to access the East Bain Zone in preparation for planned underground production, to conduct property wide exploration including trenching, soil sampling and “ground truthing” relating to geophysical signatures identified in 2008; and to take a 10,000 metric ton bulk sample for metallurgical testing of the Taurus Zone for potential supplemental mill feed from small high-grade open pits for Cassiar Gold Mine once underground production begins.

GOLD – Stikine Gold Corp. June 2 said it staked 153 mineral claims covering silica occurrences in northeastern British Columbia. The properties consist of a total of 62,255 hectares, or 150,035 acres, and are located in two broad areas; northwest of Fort Nelson and northeast of Prince George. The Vancouver, B.C.-based junior said it acquired a 100 percent interest in the claims by map staking known silica occurrences and prospective geology. An initial field assessment of the extent and quality of silica on each of the properties is planned for June 2009. If the results of the initial assessment are positive, Stikine said they will be used to refine target areas for a larger exploration program.