Silver-linked Debenture from Taglish Gold (v.TLG)

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The debentures will mature on October 31, 2010, and holders will be able to choose to be repaid in cash or in the cash equivalent of 120 ounces of silver bullion per C$1,000 of debenture. The amount receivable will be based on the daily silver price on the maturity date, so the debentures are represented by silver in the Skukum Creek deposit, of Taglish Gold.

 

Issued in 2005 ... The net proceeds were going to be / will be used to fund work on the Skukum Creek deposit which includes extension of the underground workings on the 1300metre level to the Ridge Zone, followed by diamond drilling of the Rainbow Two, Ridge and Kuhn zones.

 

From Taglish Gold (v.TLG) ... update

 

 

At the end of April the company had just over C$1 million in the kitty and it raised another C$1.8 million by placements in July so can afford to maintain the pace of exploration. At the end of June Tagish Lake announced the results for the first three holes which represented around 200 metres of the 5,000 metre drilling programme aimed at outlining the Rainbow Two zone, and testing the Ridge, Zone 2 and Kuhn mineralized zones. Three holes do not give one a lot to go on, but Bob Rodger seemed confident that “the results confirm the high grade character of the Rainbow Two mineralized zone, and the extension of the zone to the west. The zone remains open to depth and toward the west.” He also pointed to evidence of multiple sub-parallel structures in this new area; marked by dyke swarms and associated quartz-sulphide veins.

 

 

...MORE: http://www.minesite.com/storyFull5.php?storySeq=3722