Abitibi Mining Corp. (TSX-V: ABB) is pleased to announce that it has graduated to the TSX Venture Exchange. This completes the restructuring process the Company began in May of this year.
As part of the restructuring process the Company completed a private placement raising $928,000. Any shares issued pursuant to this financing will be subject to a hold period expiring February 20, 2008. The Company’s working capital position has been greatly improved by the conversion of $510,000 debt into shares at a price of $0.15 per share. These shares will also be subject to a hold period expiring February 20, 2008.
The Company’s principal asset is the Legris Lake Property where the Company has an option to earn a 100% interest, subject to a royalty. The Legris Lake Property is accessible by road and is located approximately 8 km southeast of North American Palladium Lac des Iles open pit PGE (Platinum Group Element) mine, which has a total reserve of 159 million tonnes, grading 1.55g/t Pd, 0.17 g/t Pt, 0.12 g/t Au and 0.05% Ni.
The Company continues to hold interests in properties in the Cranbrook area in southeastern British Columbia where joint venture partner Klondike Gold Corp. is exploring for another Sullivan Deposit. In addition, the Company holds interests in 12,700 acres in the Chapleau/Wawa area in southwestern Ontario where joint venture partner Chalice Diamond Corp. is exploring for diamonds.
During the Company’s reorganization it has been evaluating other properties with good exploration potential. The philosophy of management is to build a portfolio of diverse properties in prolific mining areas in order to maximize vale and opportunity for Shareholders. The Company anticipates much news over the next few weeks as it begins to execute on its strategy and will have its website up and running in the next week to keep Shareholders up to date.