Nov 10, 2004
International Frontier Resources Corporation ("IFR" TSX-V) reported today a nonbrokered private placement of up to 400,000 flow through units at $1.40 per unit. A unit consists of one common flow through share and one-half warrant; one full warrant entitles the holder to acquire one common share on or before June 30th, 2005 at $1.75 per share. The private placement is being subscribed to by Directors and associates.
The Company also announced the issuance of 650,000 stock options to Directors, consultants and senior management. The options will be issued under the Company's stock option plan and are exercisable at $1.50 per share. The Company has 550,000 options available for future issuance.
The private placement shares and stock options are subject to TSX Venture Exchange approval. The shares and stock options will be restricted from trading for a four month period from the date of TSX Venture Exchange approval.
The Companies reported today that construction of an 80 kilometer access road into the Summit Creek (Wilma) B-44 well and Sah Cho (Betty) L-71 exploration well is scheduled to commence on November 15th, 2005. Road and lease construction will take approximately 35 days and is estimated to cost between $6 and $7 million.
The L-71 (Betty) well is targeting a total depth of 3,650 meters (11,650 feet), the well will test a new structure identified on a recent 2D seismic survey. The B-44 and L-71 wells are located on EL-397 in the Central Mackenzie Valley, Northwest Territories Canada. The Company holds a 5% interest in EL-397 and EL-423, a 7.65% interest in EL-416 and a 10.875% interest in certain freehold lands in the area.
The Company is pleased to announce the retention of Margaret Souleles, CA, as Controller.
The Company's shares are listed on the TSX Venture Exchange trading under the symbol IFR; for additional information visit www.internationalfrontier.com or contact;
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 intended 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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