Metalline raising funds for Sierra Mojada

US minerals company Metalline Mining (OTCBB: MMGG) is offering up to 400,000 shares at US$1.0 a piece to investors to help cover costs of its Sierra Mojada zinc-silver project in northern Mexico's Coahuila state, the company announced. Though low zinc prices are hurting the industry, predictions show the metal will be in short supply by 2005, just as Sierra Mojada could begin production, Metalline president Merlin Bingham said in a letter to shareholders. "It is not a good time to be in the zinc business, but it is a good time to be getting into the zinc business," reads the letter. Metalline aims to complete by the end of this year a 10,000m drill program, which will consist of surface and underground drilling, as well as channel sampling and driving raises and drifts to bulk sample Sierra Mojada ore, BNamericas previously reported. Metalline has carried out some 5,000m and 2,500m of underground and surface drilling to date, respectively. The company plans to initiate underground diamond drilling in six weeks. The property is subject to a joint venture with Mexico's Industrias Penoles, the project operator.