Application filed to extend expiry date of warrants from December 31, 2004 to June 30, 2005
December 2, 2004
VANCOUVER, December 02, 2004 – Canasil Resources Inc. (Canasil, TSXV: CLZ) announces
that the Company intends to make an application to the TSX Venture Exchange (the “Exchange”) to extend the term of certain non-transferable share purchase warrants issued on December 31, 2003 from their current expiry date of 4:00 pm (Vancouver time) on December 31, 2004 to 4:00 pm (Vancouver time) on June 30, 2005.
A total of 2,250,000 non-transferable share purchase warrants (the “Investors’ Warrants”) were issued to certain investors pursuant to a non-brokered private placement which closed on December 31, 2003. A total of 520,500 non-transferable share purchase warrants (the “Finders’ Warrants) were issued to certain finders in consideration for acting as finders with respect to the private placement. As originally issued, each Investors’ Warrant and each Finders’ Warrant (collectively the “Warrants”) entitled the holder to purchase one additional common share (a “Warrant Share”) of the Company at the price of $0.35 per Warrant Share at any time up to 4:00 pm (Vancouver time) on December 31, 2003. As at the date hereof, no Warrants have been exercised.
About Canasil:
Canasil is a Canadian-based mining and mineral exploration company with interests in base and precious metal properties in British Columbia, Canada, and Durango State, Mexico. A planned diamond drill program is currently in progress at the Tres Marias and Cebollas projects in Durango State, Mexico, as announced on October 20, 2004. The Company is reviewing a number of other gold and silver properties in Mexico for acquisition. The management team is focused on identifying and implementing strategies to increase the value of the Company’s mineral properties through cost effective and responsible development.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
For further information please contact:
Mr. Bahman Yamini
President and C.E.O.
Canasil Resources Inc.
604-709-0109
www.canasil.com