Dec 04, 2003
International Frontier Announces Private Placement and Commencement of Exploratory Wildcat Well in the Northwest Territories
International Frontier Resources (TSX-V:IFR) today announced that it will issue up to 600,000 common flow-through shares at a price of $0.60 per share under a non brokered private placement. The private placement is being issued to accredited investors and Director's of the company. The private placement is subject to TSX Venture Exchange approval, pursuant to TSX policies there will be a 4 month hold period on shares issued. Proceeds from the private placement will be used to incur Canadian Exploration Expenditures ("CEE") on the company's Northwest Territories exploration program.
The company also reported today that construction has started on a 78 kilometer road into the Wilma Summit Creek B-44 drilling site located in the remote area of the Flintstone mountain range in the Central Mackenzie Valley, NWT. In October, construction equipment, drilling supplies and 360,000 liters of fuel were barged up the Mackenzie River and staged. Building of an ice-bridge across the Mackenzie River is in progress, upon completion and opening of the winter road from Wrigley north to Norman Wells, a drilling rig will be mobilized to the Wilma B-44 drill site. The Wilma B-44 3000 meter exploratory wildcat well is scheduled to begin drilling in early January 2004.
International Frontier Resources Corporation is a junior oil & gas company listed on the TSX Venture Exchange trading under the symbol IFR. The company has an interest in over 1 million acres in the Northwest Territories and holds the Canadian rights for SIDOX, a patented oil production enhancement technology.
For additional information visit: www.frontier-resources.com or contact:
Pat Boswell - President (403-215-2780) or Mark Powell - VP Exploration (403-215-2783)
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release. This news release is not for distribution to US news wire services or for dissemination in the United States and does not constitute an offer of the securities described herein.
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