Nov 24, 2005
Non Brokered Private Placement Closed
International Frontier Resources Corporation (IFR-TSX-V) today announced the Company has closed a 3,275,000 unit non brokered private placement at $1.70 per unit for gross proceeds of $5,567,500. A unit consists of one flow through common share and one-half warrant; one full warrant entitles the holder to purchase one non-flow through common share at a price of $1.85 per share on or before May 17th, 2006. Pursuant to TSX-V Exchange policy the shares are restricted from trading for a four month period from November 17, 2005.
The Company also reported today that the Company has agreed to participate in a two well drilling program in the Central Mackenzie Valley, NWT. The first well to be drilled, Tehwa D-57 is located approximately 35 kilometers south east of the Company's Summit Creek B-44 discovery well. The Tehwa D-57 well will test prospective targets in the Cretaceous and Devonian. In September a drilling rig and lease construction equipment were staged on the west side of the Mackenzie River. Road and lease construction commenced in November. If cold weather prevails the operator anticipates drilling operations will commence in late December. The well is projected to cost $22 million gross, $937,000 net to IFR.
The second well, Summit Creek K-44, is being drilled 1.4 kilometers east of the Summit Creek B-44 well. The well will appraise the productive Devonian reservoir encountered in the B-44 well. The K-44 well will also evaluate a deeper prospective target in the Mount Kindle Formation. A drilling rig will be mobilized when the winter road and the ice bridge across the Mackenzie River is completed; the K-44 well is scheduled to spud in mid January. The well is projected to cost $21.5 million, $1.07 million net to IFR.
For additional information visit www.internationalfrontier.com or contact;
President & CEO
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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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