AMANTA ANNOUNCES NON-BROKERED PRIVATE PLACEMENT AND PROJECT UPDATE
December 4, 2009
Amanta Resources Ltd. (TSX Venture Exchange: AMH) proposes to complete a private placement of up to 10,000,000 units at a price of $0.07 per unit for gross proceeds of up to $700,000. Each unit will consist of one common share plus one half of one common share purchase warrant. Each whole share purchase warrant will entitle the holder to purchase one additional common share at a price of $0.12 for a period of 12 months from closing, or at a price of $0.15 for a period of a further 12 months thereafter. A finder’s fee may be paid on all or a portion of the placement.
Net proceeds from the private placement will principally be used to further the Company’s ongoing developments in Laos, including the potential acquisition and initial development of a second copper prospect in the country, along with general working capital. The private placement and finder’s fee are subject to TSX Venture Exchange acceptance.
At the Company’s main project, the copper exploration project in Luang Namtha Province, Laos, detailed work is in progress over the main mineralized zone, the Pakieng area. In this area reconnaissance mapping and sampling by project personnel has uncovered significant copper-silver mineralization in dacitic-andesitic volcanics occurring over an 8-10 km˛ area with samples grading up 6% copper and 14 oz silver.
The ongoing work in the Pakieng area consists of systematic gridding, surveying, sampling and mapping of the area in which a total of some 1500 soil and rock samples has now been taken and mapping at the 1:5000 scale is being completed. An Induced Polarisation (IP) and Magnetic geophysical survey is now underway over the gridded area. The Company expects the complete results of this detailed work to be available in the second half of January 2010, thus allowing for the selection of reconnaissance drill targets early in 2010.
Amanta Resources Ltd. is focused on copper exploration, development and production in Laos. The Company is currently developing the Luang Namtha copper project in the Lao PDR, under a Joint Exploration Agreement with Japan Oil, Gas and Metal National Corporation (JOGMEC). Amanta also has gold and tungsten projects in Thailand and is currently considering development options for these.
ON BEHALF OF THE BOARD OF AMANTA RESOURCES LTD.,
“Gerald D. Wright”
Gerald D. Wright, President.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
