Dia Bras plans US$1.5mn placements

Canadian junior Dia Bras Exploration (TSX-V: DIB) has closed two private placements for a total of Cdn$1.05mn (US$790,000) and is proposing additional placements of Cdn$2mn (US$1.5mn), the company announced. The company will have raised Cdn$4.4mn since September for Mexican operations and working capital if proposed placements go through, it said. The planned Cdn$2mn private placements consist of 2.78 million units at Cdn$0.72 each, said Dia Bras. The two closed private placements consist of 1.4 million units at Cdn$0.64 apiece and 210,000 units at Cdn$0.72 each, it said. Dia Bras has already started exploration on its Mexican holdings - the 4,380ha Santa Maria and 821ha Florida gold-silver properties in Chihuahua state, BNamericas reported last month. Exploration entails reconnaissance prospecting as well as geological mapping and sampling of known mineral occurrences. Samples collected in August this year returned assays ranging from 1.07g/t to 5.5g/t gold and 2.23g/t to 7.02g/t silver on Santa Maria, and Florida returned 0.32g/t and 0.23g/t gold as well as 293g/t and 436g/t silver. Dia Bras also holds properties in the Wawa diamond field, north of Lake Superior in Ontario.