Consolidated Woodjam raising $2 million for B.C. project

Consolidated Woodjam Copper Corp. [WCC-TSXV; CWMCF-OTC] on Monday November 30 announced a non-brokered private placement offering that is expected to raise up to $2.67 million to fund exploration activities at the company’s Woodjam copper-gold porphyry project in south-central British Columbia.

The offering will consist of up to 9.0 million flow-through shares at 23 cents per share, raising gross proceeds of up to $2.07 million and up to 3.0 million units at 20 cents per unit, raising up to an additional $600,000. Each unit will consist of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase an additional common share at 30 cents each for 18 months after the date of closing.

Proceeds from the flow-through shares will be used for Canadian exploration expenses and will qualify as “flow-through mining expenditures” as defined in the Income Tax Act (Canada).

Consolidated Woodjam shares eased 7.3% or $0.015 to 19 cents in light trading. The shares are currently trading in a 52-week range of 30 cents and $0.015.

The Woodjam copper-gold-molybdenum property covers 64,000 hectares and is located in the Cariboo region of south-central B.C., about 50 kilometres east of Williams Lake.  Starting in 1974, the project has been explored by a number of companies, including Placer Dome and Noranda, and Phelps Dodge Corp. of Canada Ltd.

Consolidated Woodjam is a company that was spun off in October 2011 by Fjordland Exploration Inc. [FEX-TSXV] and Cariboo Rose Resources Ltd. [CRB-TSV] Consolidated Woodjam was set up hold the amalgamated interests in the property, which is now held 100% by Consolidated Woodjam.

The project is located within the prolific Quesnel Trough, which extends for at least 2,000 km northward from the U.S. border and contains the Copper Mountain, New Afton, Highland Valley Copper, Mount Polley, Mount Milligan and Kemess mines.

So far, six zones of porphyry mineralization (Megabuck, Deerhorn, Takom, Three Firs, Southeast, Megaton) have been identified by Woodjam via drilling (95,092 metres in 281 holes since 2009). These six mineralized zones form a cluster approximately 5.0 km in diameter.